LuxExperience BV (LUXE) 2026 Q1 法說會逐字稿

Greetings, and welcome to the LuxExperience first quarter of fiscal year 2026 earnings conference call. (Operator Instructions) Today's call is being recorded, and we have allocated one hour for prepared remarks and Q&A.

各位好，歡迎參加 LuxExperience 2026 財年第一季財報電話會議。（操作員指示）今天的通話正在錄音，我們預留了一個小時用於準備好的發言和問答環節。

It is now my pleasure to introduce your host, Martin Beer, the Chief Financial Officer of LuxExperience. Thank you. Sir, please begin.

現在，我很榮幸地向大家介紹主持人馬丁·比爾，他是 LuxExperience 的財務長。謝謝。先生，請開始。

Thank you, operator, and welcome, everyone, to the LuxExperience investor conference call for the first quarter of fiscal year 2026. With me today is our CEO, Michael Kliger.

謝謝接線員，歡迎各位參加 LuxExperience 2026 財年第一季投資者電話會議。今天陪我一起的是我們的執行長麥可·克利格。

Before we begin, we'd like to remind you that our discussions today will include forward-looking statements. Any comments we make about expectations are forward-looking statements and are subject to risks and uncertainties, including the risks and uncertainties described in our annual report. Many factors could cause actual results to differ materially. We are under no duty to update forward-looking statements.

在開始之前，我們想提醒各位，我們今天的討論將包含前瞻性陳述。我們對預期所做的任何評論都是前瞻性陳述，並受風險和不確定性的影響，包括我們在年度報告中描述的風險和不確定性。許多因素都可能導致實際結果與預期有重大差異。我們沒有義務更新前瞻性陳述。

In addition, we will refer to certain financial measures not reported in accordance with IFRS on this call. You can find reconciliations of these non-IFRS financial measures in our earnings press release, which is available on our Investor Relations website at investor.luxexperience.com.

此外，在本次電話會議中，我們將提及一些未依照國際財務報告準則（IFRS）報告的財務指標。您可以在我們的獲利新聞稿中找到這些非 IFRS 財務指標的調節表，該新聞稿可在我們的投資者關係網站 investor.luxexperience.com 上找到。

I will now turn the call over to Michael.

現在我將把通話轉給麥可。

Thank you, Martin. Also from my side, a very warm welcome to all of you, and thank you for joining our call. We will comment today on the results and performance of the first quarter of fiscal year 2026 of LuxExperience.

謝謝你，馬丁。我這邊也向各位表達熱烈的歡迎，感謝你們參加我們的電話會議。今天我們將對 LuxExperience 2026 財年第一季的業績和表現進行評論。

As a group, we have now become the clear digital multi-brand leader for luxury [experience] worldwide. We are perfectly positioned to benefit and the expected further growth of the digital luxury market as well as from the ongoing consolidation process among the remaining players.

作為一個集團，我們現在已經成為全球奢侈品[體驗]領域公認的數位化多品牌領導者。我們已做好充分準備，從數位奢侈品市場的預期進一步成長以及剩餘參與者之間正在進行的整合過程中獲益。

As explained last time, LuxExperience reports on the basis of the new segment reporting structure. The three segments are Luxury Mytheresa, Luxury NET-A-PORTER and MR PORTER as well as Off-Price. We are very pleased with the results of the first quarter. Across all three segments, we have delivered strong results and improvements. Mytheresa continues to demonstrate our unique ability to deliver strong growth and profitability despite ongoing macro headwinds.

如上次所述，LuxExperience 的報告是基於新的細分報告結構進行的。這三個板塊分別是奢侈品 Mytheresa、奢侈品 NET-A-PORTER 和 MR PORTER 以及折扣商品。我們對第一季的業績非常滿意。在所有三個業務領域，我們都取得了顯著的成果和進步。儘管宏觀經濟持續面臨不利因素，Mytheresa 仍然展現出我們獨特的成長和獲利能力。

NET-A-PORTER and MR PORTER clearly show the first signs of the commercial turnaround, which will drive renewed growth and profitability for the two store brands after years of decline.

NET-A-PORTER 和 MR PORTER 已明顯顯現出商業復甦的跡象，這將推動這兩個自有品牌在經歷了多年的下滑後重新實現成長和獲利。

In the Off-Price segment, we anticipated a fundamental transformation by focusing on the healthy core, and I am pleased that we have been off to a fast start here also. We just announced that we have reached an agreement to sell the assets powering the OUTNET platform to the O Group LLC.

在折扣零售領域，我們預期透過專注於健康核心產品來實現根本性的變革，我很高興我們在這個領域也取得了快速的開局。我們剛剛宣布，我們已達成協議，將 OUTNET 平台的資產出售給 O Group LLC。

Shareholders of the O Group LLC include Joseph Edery and Ritesh Punjabi, CEO of Timeless Group of Companies. Both are renowned experts in the Off-Price luxury fashion sector. The divestment of the OUTNET assets is a strategic step in line with our transformation plan announced in May 2025, which strengthens the operating model by reducing complexity.

O Group LLC 的股東包括 Joseph Edery 和 Timeless Group of Companies 的執行長 Ritesh Punjabi。他們都是折扣奢侈品時尚領域的知名專家。剝離 OUTNET 資產是符合我們 2025 年 5 月宣布的轉型計劃的一項策略性舉措，該計劃透過降低複雜性來加強營運模式。

We believe that we found a great new home for the OUTNET, and we can now fully focus on the transformation of the YOOX business and the disentanglement of Off-Price from the luxury businesses in the back end. This will allow us to also accelerate the buildup of an efficient infrastructure platform for NET-A-PORTER AND MR PORTER.

我們相信，我們為 OUTNET 找到了一個很棒的新家，現在我們可以全力專注於 YOOX 業務的轉型以及將折扣商品業務與後端奢侈品業務分開。這將使我們能夠加快為 NET-A-PORTER 和 MR PORTER 建立高效的基礎設施平台。

The closing of the transaction with the group as expected for Q1 of calendar year 2026, subject to certain closing conditions, including customary regulatory approvals and payment of the purchase price, which is subject to adjustments based on inventory levels at close.

預計與該集團的交易將於 2026 年第一季完成，但需滿足某些交割條件，包括獲得慣常的監管批准和支付購買價款，該價款將根據交割時的庫存水平進行調整。

As a result of the transaction, the Off-Price segment will purely refer to the business of YOOX from now on, while we classify the OUTNET as discontinued operations as it is no longer considered part of our core financial performance.

交易完成後，折扣商品業務部門今後將僅指 YOOX 的業務，而 OUTNET 則被歸類為已終止經營業務，因為它不再被視為我們核心財務表現的一部分。

Let me now start by commenting on the Mytheresa business. We are extremely pleased with the outstanding results in the first quarter of fiscal year 2026. The ongoing and accelerating momentum from the previous quarters demonstrates the strength of our business model, which focuses on word building, big spending luxury customers. In Q1 of fiscal year 2026, we grew our net sales by plus 12.2% compared to Q1 fiscal year '25.

現在讓我先談談Mytheresa這家公司。我們對2026財年第一季的出色業績感到非常滿意。從前幾季開始，持續成長並加速發展的勢頭證明了我們商業模式的實力，該模式專注於打造口碑，服務於消費能力強的奢侈品客戶。2026 財年第一季度，我們的淨銷售額比 2025 財年第一季成長了 12.2%。

In the United States, which is a key market for our business, net sales growth reached plus 21.9% in Q1 fiscal year 2026, compared to Q1 fiscal year '25. The US accounted for 23.1% of the net sales of our total business in the first quarter. In Europe, excluding Germany, we experienced again an excellent net sales growth of plus 14.1% in Q1 fiscal year 2026.

在美國，作為我們業務的關鍵市場，2026 財年第一季淨銷售額增長了 21.9%，而 2025 財年第一季淨銷售額增長了 21.9%。第一季度，美國市場占我們總業務淨銷售額的 23.1%。在歐洲（不包括德國），我們在 2026 財年第一季再次實現了 14.1% 的淨銷售額成長。

Our clear focus on big spending world-building customers is the fundamental driver of our outstanding growth and financial strength at Mytheresa. In the first quarter of fiscal year '26, the top customer base of Mytheresa grew by plus 10.2% compared to the prior year period, significantly higher than in previous quarters.

Mytheresa 的卓越成長和財務實力，很大程度上源自於我們對高消費、打造世界型客戶的明確關注。在 2026 財年第一季度，Mytheresa 的頂級客戶群比去年同期成長了 10.2%，遠高於前幾季。

Furthermore, the average spend per top customer insurance that GMV grew again by a very strong plus 58% in Q1 fiscal year '26 versus Q1 fiscal year '25. The average order value last 12 months for Mytheresa increased by a remarkable plus 10.7% to a record EUR797 in Q1 fiscal year '26, demonstrating the success of our focus on selling full price high-end luxury products to top customers.

此外，2026 財年第一季頂級客戶保險的平均支出（GMV）與 2025 財年第一季相比，再次強勁成長 58%。Mytheresa 過去 12 個月的平均訂單價值在 2026 財年第一季實現了顯著增長 10.7%，達到創紀錄的 797 歐元，這表明我們專注於向頂級客戶銷售全價高端奢侈品的策略取得了成功。

The continued full price focus at Mytheresa is also evident with the again improved gross profit margin growing by 70 basis points in Q1 fiscal year '26. Our success with big spending world-building customers makes Mytheresa a highly desired partner for luxury brands.

Mytheresa 持續專注於全價策略，這也體現在其毛利率再次提高上，2026 財年第一季毛利率成長了 70 個基點。我們憑藉著在打造世界級品牌方面的成功，使 Mytheresa 成為奢侈品牌夢寐以求的合作夥伴。

In the first quarter of fiscal year '26, we saw again, many high-impact campaigns and exclusive product launches, underlining Mytheresa's strong relationships with luxury brand. We launched exclusive styles from the evo Winter '25 runway collection for womenswear and menswear only available at Mytheresa as well as an exclusive womenswear Max Mara cashmere collection only available at Mytheresa.

在 2026 財年第一季度，我們再次看到了許多具有重大影響力的行銷活動和獨家產品發布，這凸顯了 Mytheresa 與奢侈品牌之間的牢固關係。我們推出了 evo 2025 冬季時裝秀系列中的獨家款式，包括女裝和男裝，僅在 Mytheresa 有售；此外，我們還推出了 Max Mara 獨家女裝羊絨系列，僅在 Mytheresa 有售。

We were the exclusive prelaunch partner for Brunello Cucinelli for Winter '25 collections and Calvin Klein's collections for Winter '25 collection for womenswear and menswear. We also launched exclusive womenswear styles from Moncler for Winter '25 collection as well as exclusive styles from God's True Cashmere and Zegna for Winter '25 collection.

我們是 Brunello Cucinelli 2025 冬季系列和 Calvin Klein 2025 冬季女裝和男裝系列的獨家預售合作夥伴。我們還推出了 Moncler 2025 冬季系列的獨家女裝款式，以及 God's True Cashmere 和 Zegna 2025 冬季系列的獨家款式。

In addition to creating desirability for our top customers with exclusive digital campaigns and product launches, we also create the viability and the sense of community for Mytheresa's top customers through unique money can buy physical experience. In the first quarter, we hosted various top customer events, including a private diamond master class and the tailored styling session with Jessica McCormick at her Mayfair townhouse in London.

除了透過獨家數位行銷活動和產品發布來提升頂級客戶的購買意願外，我們還透過獨特的、金錢可以買到的實體體驗，為 Mytheresa 的頂級客戶創造可行性和社群感。第一季度，我們舉辦了各種頂級客戶活動，包括私人鑽石大師班和在倫敦梅菲爾區傑西卡·麥考密克 (Jessica McCormick) 的聯排別墅舉辦的量身定製造型課程。

Together with Givenchy, we celebrated Sarah Burton's debut runway collection with a curated cocktail reception, a private exhibition tour, and an intimate dinner in Shanghai. We hosted a top customer cocktail in Madrid at the Rosewood Hotel and also held an exclusive Schiaparelli style suite there. To celebrate London, Milan, and Paris fashion weeks, we invited top customers to various shows to experience the magic of runway firsthand.

我們與 Givenchy 一起，在上海舉辦了一場精心策劃的雞尾酒會、私人展覽參觀和私密晚宴，慶祝 Sarah Burton 的首個時裝秀系列。我們在馬德里瑰麗酒店舉辦了一場頂級客戶雞尾酒會，並在那裡舉辦了一場專屬的夏帕瑞麗風格套房活動。為了慶祝倫敦、米蘭和巴黎時裝週，我們邀請了頂級顧客參加各種時裝秀，讓他們親身體驗T台的魅力。

Furthermore, we hosted style suites in London, the Hamptons, New Jersey, Singapore, Hong Kong, Warsaw, Frankfurt, and Zurich, presenting new collections in immersive curated environments. Highlights in the United States included intimate dinners with Michelin-starred chefs in Aspen and Los Angeles. We hosted a New York fashion week afterparty at the legendary Indochine with Calvin Klein Collection.

此外，我們還在倫敦、漢普頓、新澤西、新加坡、香港、華沙、法蘭克福和蘇黎世舉辦了風格套房活動，在沉浸式的精心策劃環境中展示了新的系列。在美國的亮點包括在阿斯彭和洛杉磯與米其林星級廚師共進私人晚餐。我們在傳奇的 Indochine 餐廳舉辦了一場 Calvin Klein Collection 的紐約時裝週慶功派對。

We partnered with Loewe for an exclusive event at the Glass House in Connecticut, showcasing the brand's exclusive collection inspired by Joseph and Annie Albers, followed by an intimate dinner by chefs Riad Nasr and Lee Hanson of Frenchette.

我們與 Loewe 合作，在康涅狄格州的玻璃屋舉辦了一場獨家活動，展示了該品牌受 Joseph 和 Annie Albers 啟發而推出的獨家系列，隨後由 Frenchette 餐廳的 Riad Nasr 和 Lee Hanson 兩位主廚主持了一場私密晚宴。

Furthermore, we hosted an exclusive two-day experience with Zegna in Turin, featuring an on-stage dinner with a private opera performance at Teatro Regio, and next day, a lunch at the famous Ristorante del Cambio.

此外，我們還與 Zegna 在都靈舉辦了為期兩天的獨家體驗活動，包括在皇家劇院 (Teatro Regio) 享用舞台晚宴並欣賞私人歌劇表演，以及第二天在著名的 Ristorante del Cambio 餐廳享用午餐。

In summary, we are extremely pleased with the Mytheresa business in the first quarter of fiscal year 2026, and Martin will later show how the outstanding top-line results translated into very strong bottom-line results.

總而言之，我們對 Mytheresa 在 2026 財年第一季的業務表現非常滿意，Martin 稍後將展示出色的營收業績如何轉化為非常強勁的利潤業績。

Let me now comment on the luxury segment comprised of NET-A-PORTER and MR PORTER. In the first quarter of fiscal year 2026, we clearly saw the first signs of the commercial turnaround, directly resulting from the execution of a strategy that focuses on luxury customers seeking editorial inspiration and brand discovery, as well as a strict focus on full-price selling.

現在讓我來談談由 NET-A-PORTER 和 MR PORTER 組成的奢侈品領域。在 2026 財年第一季度，我們清楚地看到了商業好轉的最初跡象，這直接源於一項策略的執行，該策略專注於尋求編輯靈感和品牌發現的奢侈品客戶，以及嚴格專注於全價銷售。

In Q1 fiscal year 2026, net sales declined as expected by minus 10.8% versus Q1 fiscal year 2025 for NET-A-PORTER and MR PORTER combined. The United States declined by minus 10.7%, and Europe, excluding the UK and Germany, by minus 3.6% in terms of net sales in Q1 fiscal year '26 compared to Q1 fiscal year '25.

2026 財年第一季度，NET-A-PORTER 和 MR PORTER 的淨銷售額如預期般下降了 10.8%，與 2025 財年第一季相比。2026 財年第一季，美國淨銷售額較 2025 財年第一季下降 10.7%，歐洲（不包括英國和德國）淨銷售額較 2025 財年第一季下降 3.6%。

The net sales decline is still driven by too little investments into attractive new merchandise a year ago for the current fall-winter season. For the next spring-summer season, we can already see improved results. While the overall net sales declined for NET-A-PORTER and MR PORTER combined, the average spend in terms of GMV per EIP customer, the so-called extremely important people customers, grew by plus 4% in Q1 fiscal year '26 versus Q1 fiscal year '25.

淨銷售額下降的主要原因是去年秋冬季對有吸引力的新商品投入不足。對於下一個春夏季度，我們已經可以看到效果有所改善。儘管 NET-A-PORTER 和 MR PORTER 合計整體淨銷售額有所下降，但 2026 財年第一季每位 EIP 客戶（即所謂的「極其重要人士客戶」）的 GMV 平均支出比 2025 財年第一季度增長了 4%。

The average order value last 12 months increased by a remarkable plus 15.5% to EUR836 for NET-A-PORTER and MR PORTER combined in Q1 fiscal year '26. Finally, the gross profit margin improved by 130 basis points in Q1 fiscal year '26 for NET-A-PORTER and MR PORTER combined, driven by a higher share of full-price sales, amongst other factors.

2026 財年第一季度，NET-A-PORTER 和 MR PORTER 過去 12 個月的平均訂單價值顯著成長了 15.5%，達到 836 歐元。最後，在 2026 財年第一季度，NET-A-PORTER 和 MR PORTER 合併後的毛利率提高了 130 個基點，這主要得益於全價銷售份額的提高以及其他因素。

All these KPIs indicated an already much healthier business. In the first quarter of fiscal year '26, a renewed focus on high-impact campaigns and exclusive product launches was successfully initiated for NET-A-PORTER and MR PORTER with a clear focus on luxury customers, looking for editorial inspiration and brand discovery. NET-A-PORTER launched an exclusive capsule with Jimmy Choo, focused on key boot styles for fall-winter '25.

所有這些關鍵績效指標都表明公司業務已經健康得多。在 2026 財年第一季度，NET-A-PORTER 和 MR PORTER 成功啟動了以高影響力活動和獨家產品發佈為重點的重新策略，明確聚焦於尋求編輯靈感和品牌發現的奢侈品客戶。NET-A-PORTER 與 Jimmy Choo 合作推出了獨家膠囊系列，重點展示了 2025 年秋冬季的關鍵靴款。

NET-A-PORTER also launched an exclusive colorway of the iconic Chloé Paddington bag, which drove outstanding media engagement with audiences, as well as an exclusive on-trend animal print Nili Lotan bag. All drove commercial success and increased brand awareness as the destination for fashion discovery.

NET-A-PORTER 也推出了標誌性 Chloé Paddington 包的獨家配色，引起了媒體和觀眾的廣泛關注，以及一款獨家潮流動物紋 Nili Lotan 包。所有這些都推動了商業成功，並提高了品牌作為時尚發現目的地的知名度。

MR PORTER launched the Bottega Veneta fall-winter 2025 collection with an exclusive pre-launch for EIP customers. MR PORTER also launched 13 exclusive styles from the Enfants Riches Déprimés fall-winter 2025 collection. NET-A-PORTER and MR PORTER both launched Aime Leon Dore as a new brand, each with exclusive capsule collections.

MR PORTER 為 EIP 顧客獨家預售了 Bottega Veneta 2025 秋冬系列。MR PORTER 也推出了 Enfants Riches Déprimés 2025 秋冬系列的 13 款獨家款式。NET-A-PORTER 和 MR PORTER 都推出了 Aime Leon Dore 這個新品牌，各自推出了獨家膠囊系列。

Further new brand launches at MR PORTER include Eleventy, [Apprécié], Morehouse, and Satoshi Nakamoto.

MR PORTER 也推出了 Eleventy、[Apprécié]、Morehouse 和 Satoshi Nakamoto 等新品牌。

NET-A-PORTER also continued to drive outstanding customer engagement through unique editorial content. In September, the Oscar-nominated actress Emily Blunt was the cover star of PORTER magazine, marking the most engaged PORTER cover in the last 12 months.

NET-A-PORTER 也透過獨特的編輯內容繼續推動了卓越的客戶互動。9 月，奧斯卡提名女演員艾米莉布朗特成為 PORTER 雜誌的封面人物，這是 PORTER 雜誌近 12 個月來互動量最高的封面。

September also saw NET-A-PORTER present season 10 of the Incredible Woman podcast series, celebrated with a private event in London hosted by international model, actress, and campaigner Adwoa Aboah. MR PORTER's journal feature on Walton Goggins drove 14,500 visits to the journal section, whilst its video attracted 390,000 views on Instagram Reels.

9 月，NET-A-PORTER 還推出了《不可思議的女人》播客系列的第 10 季，並在倫敦舉辦了一場私人活動來慶祝，該活動由國際模特兒、演員兼活動家 Adwoa Aboah 主持。MR PORTER 對 Walton Goggins 的專題報導為雜誌版塊帶來了 14,500 次訪問，而其視頻在 Instagram Reels 上吸引了 390,000 次觀看。

It was featured in media OUTNETs including People magazine and The Hollywood Reporter. Partnering with such talent has proven effective in reaching new audiences, enhancing brand visibility, and driving traffic to the MR PORTER site. MR PORTER's film with actor Adam Brody modeling key design items has had 593,000 views. NET-A-PORTER created a number of unique experiences for its EIPs, including a dinner in London celebrating 25 years of NET-A-PORTER, to which top clients who have shopped with the brand for the last 25 years were invited.

它曾被《人物》雜誌和《好萊塢報道》等媒體報道。事實證明，與此類人才合作能夠有效地觸及新受眾、提升品牌知名度並為 MR PORTER 網站帶來流量。MR PORTER 與演員亞當布羅迪合作拍攝的宣傳片，展示了品牌的主要設計單品，觀看次數已達 593,000 次。NET-A-PORTER 為其 EIP 創造了許多獨特的體驗，包括在倫敦舉辦的慶祝 NET-A-PORTER 成立 25 週年的晚宴，邀請了過去 25 年來一直光顧該品牌的頂級客戶參加。

To reroute the new runway collections, NET-A-PORTER hosted EIP dinners for its customers in all four fashion week cities: New York, London, Milan, and Paris. MR PORTER hosted dinners in both New York and Hong Kong for high-profile EIP customers. It also invited to a dinner in London to celebrate its collaboration and exclusive capsule with Drake. In attendance were press, influencers, and EIPs.

為了重新規劃新的時裝秀系列，NET-A-PORTER 在紐約、倫敦、米蘭和巴黎這四個時裝週城市為顧客舉辦了 EIP 晚宴。MR PORTER 在紐約和香港為 EIP 的高端客戶舉辦了晚宴。它還邀請大家到倫敦參加晚宴，慶祝與 Drake 的合作以及獨家膠囊系列的發布。出席者包括媒體記者、意見領袖和創業家。

A share of the proceeds from the capsule collection were donated to the MR PORTER Charity Health & Mind, which runs in partnership with November, which supports men's mental health. This story and capsule collection had the highest click-through rate from the homepage to product seen this quarter. Already, we can see that the new leadership team at NET-A-PORTER and MR PORTER is driving the creation of a much healthier and resilient business model to regain financial strength and growth.

該膠囊系列的部分收益捐贈給了 MR PORTER 慈善機構 Health & Mind，該機構與 November 合作運營，旨在支持男性心理健康。本季度，這個故事和膠囊系列從首頁到產品的點擊率最高。我們已經可以看到，NET-A-PORTER 和 MR PORTER 的新領導團隊正在推動創建一個更健康、更具韌性的商業模式，以重獲財務實力和成長。

Martin will later comment on the progress achieved in improving the profitability of the NET-A-PORTER and MR PORTER luxury segment.

Martin 稍後將對 NET-A-PORTER 和 MR PORTER 奢侈品部門在提高盈利能力方面取得的進展發表評論。

Lastly, let me comment on YOOX's standalone performance in Q1 of fiscal year '26. We are pleased with the progress that we have achieved to separate the YOOX business from the luxury of YNAP. The sale of the OUTNET assets will allow us to accelerate the process of separation further. To create a lean business model that is compatible with a lower margin and lower average order value off-price business, we are focusing the YOOX business on the healthy core in terms of geography and operational fulfillment models.

最後，我想就 YOOX 在 2026 財年第一季的獨立業績發表一些看法。我們對已取得的進展感到滿意，我們將 YOOX 業務與 YNAP 的奢侈品業務區分開來。出售 OUTNET 資產將使我們能夠進一步加快分離進程。為了打造與低利潤率和低平均訂單價值的折扣業務相匹配的精益商業模式，我們將 YOOX 業務的重點放在地理和營運履行模式方面健康的核心上。

The closure of the marketplace business, warehouses in Dubai and Hong Kong, as well as the optimization for higher tariff rates shipping to the United States, causes a deliberate net sales decline in the short term but will allow us to return to solid profitability.

關閉市場業務、杜拜和香港的倉庫，以及優化運往美國的更高關稅稅率，短期內會導致淨銷售額出現刻意下降，但這將使我們能夠恢復穩健的獲利能力。

In Q1 fiscal year '26, net sales declined as expected by minus 16.5% versus Q1 2025 for YOOX. Europe, including Germany, increased by plus 1.7% in terms of net sales in Q1 fiscal year '26 compared to Q1 fiscal year '25. The overall net sales decline is, as explained, mainly driven by a renewed focus on a healthy core for the YOOX business. While the overall net sales declined for YOOX, the top spending customer average spend in terms of GMV grew by plus 4.7% in Q1 fiscal year '26 versus Q1 fiscal year '25.

2026 財年第一季度，YOOX 的淨銷售額如預期般下降了 16.5%，與 2025 年第一季相比有所下降。2026 財年第一季度，包括德國在內的歐洲淨銷售額比 2025 財年第一季成長了 1.7%。如前文所述，整體淨銷售額下降主要是由於 YOOX 業務重新聚焦於健康的核心業務。儘管 YOOX 的整體淨銷售額有所下降，但 2026 財年第一季消費最高的客戶的平均消費額（以 GMV 計算）比 2025 財年第一季成長了 4.7%。

The average order value last 12 months increased by a remarkable plus 17.8% to EUR256 for YOOX in Q1 fiscal year '26. Finally, the gross profit margin improved by 400 basis points in Q1 fiscal year '26 for YOOX compared to the prior year period, driven mostly by last year's effects and also a higher share of best price sales.

YOOX 2026 財年第一季過去 12 個月的平均訂單價值顯著成長了 17.8%，達到 256 歐元。最後，與去年同期相比，YOOX 2026 財年第一季的毛利率提高了 400 個基點，這主要是由於去年的業績成長以及最優價格銷售份額的提高。

All these KPIs indicate a clear focus on the healthy part of the customer base. As part of the transfer of the OUTNET assets to OGroup, LuxExperience will, for a certain period after closing, provide certain operational and IT services all priced at cost level to the buyer. Latest by the end of calendar year '26, all services and activities in relationship to the OUTNET will have stopped for LuxExperience, significantly reducing the complexity in the group.

所有這些關鍵績效指標都表明，公司明確關注的是客戶群中健康的部分。作為 OUTNET 資產轉移給 OGroup 的一部分，LuxExperience 將在交易完成後的一段時間內，以成本價向買方提供某些營運和 IT 服務。最遲到 2026 年底，LuxExperience 將停止與 OUTNET 相關的所有服務和活動，從而大大降低集團的複雜性。

Now, after having reviewed the good commercial results and improvements across all businesses, I hand over to Martin to discuss the financial results in detail.

現在，在回顧了所有業務的良好商業成果和改進情況後，我將把發言權交給馬丁，讓他詳細討論財務表現。

Thank you, Michael. As Michael outlined, we were able to successfully find a new home for the OUTNET. Just to highlight the financial implications, the OUTNET assets will be transferred at closing with an expected cash consideration at USD30 million dollars, depending on inventory levels at closing. Closing of the transaction is expected in the first quarter of calendar year '26. In line with IFRS requirements, we will report the OUTNET already in this Q1 of fiscal year '26 as discontinued operations, as it is no longer considered part of our core financial performance.

謝謝你，麥可。正如邁克爾所概述的那樣，我們成功地為 OUTNET 找到了一個新家。為了突顯財務影響，OUTNET 資產將在交易完成時轉移，預計現金對價為 3,000 萬美元，具體金額取決於交易完成時的庫存水準。預計該交易將於 2026 年第一季完成。根據 IFRS 的要求，我們將在 2026 財年第一季將 OUTNET 作為終止經營業務進行報告，因為它不再被視為我們核心財務表現的一部分。

The Off-Price business is now fully focused on YOOX, and we adjusted our reporting accordingly. Therefore, with our fiscal Q1 reporting running from July to September 2025, we will report quarterly results along our three business segments: Luxury Mytheresa, Luxury NET-A-PORTER and MR PORTER, and Off-Price business of YOOX, and highlight specific developments that influence each segment’s performance.

折扣業務目前已完全專注於 YOOX，我們也相應地調整了報告方式。因此，在 2025 年 7 月至 9 月的財政年度第一季報告期間內，我們將按三個業務部門報告季度業績：奢侈品 Mytheresa、奢侈品 NET-A-PORTER 和 MR PORTER，以及 YOOX 的折扣業務，並重點介紹影響每個部門業績的具體發展情況。

Following that, I will review the consolidated financial results for LuxExperience at group level and give an update on guidance, now excluding the OUTNET. Unless otherwise stated, all numbers refer to euro. Let’s first review the performance of our Mytheresa business. During the first quarter of fiscal year '26, GMV grew by 13.5% to EUR245.9 million compared to the prior-year period.

接下來，我將回顧 LuxExperience 集團層級的合併財務業績，並更新業績指引，目前已不包含 OUTNET。除非另有說明，否則所有數字均指歐元。我們先來回顧一下Mytheresa業務的表現。2026 財年第一季，GMV 較上年同期成長 13.5%，達到 2.459 億歐元。

Net sales also grew double-digit to EUR226.3 million, representing a plus 12.2% increase. We continue to take share in an overall soft market. In Q1 of fiscal year '26, Mytheresa’s gross profit margin increased by 70 basis points to 44.6% as compared to 43.9% in the prior year period. Main driver was our continuous effort to increase the full price share.

淨銷售額也實現了兩位數成長，達到 2.263 億歐元，增幅達 12.2%。在整體疲軟的市場環境下，我們仍能擴大市場佔有率。2026 財年第一季度，Mytheresa 的毛利率較上年同期成長 70 個基點，達到 44.6%，而去年同期為 43.9%。主要驅動因素是我們不斷努力提高全價份額。

In Q1 of fiscal year '26, the shipping and payment cost ratio increased by 110 basis points to 14.6% as compared to 13.5% in the prior year quarter. The increase is mainly due to the new US tariff situation. As we pay all duties for our US customers, the cost increase for us is reflected in our shipping and payment cost ratio.

2026 財年第一季度，運輸和支付成本比率較上年同期成長 110 個基點，達到 14.6%，而去年同期為 13.5%。此次成長主要是由於美國新的關稅政策所致。由於我們為美國客戶支付所有關稅，因此我們的成本增加反映在我們的運輸和支付成本比率中。

If you excluded the duties cost, the shipping and payment cost ratio in relation to GMV decreased by 90 basis points from 8.8% to 7.9% in Q1 fiscal year '26. Main drivers of this improved cost ratio were higher AOVs and lower negotiated shipping fees based on increasing group volumes.

如果排除關稅成本，2026 財年第一季度，運輸和支付成本佔 GMV 的比例從 8.8% 下降了 90 個基點至 7.9%。成本比率改善的主要驅動因素是更高的平均訂單價值 (AOV) 和基於不斷增長的集團訂單量而協商的更低的運費。

With these measures, we limited the effect of increased US customs duties in the quarter to a 110 basis points increase in our shipping and payment cost ratio and mostly compensated the increase with the above-mentioned 70 basis points increase in our gross profit margin.

透過這些措施，我們將本季美國關稅增加的影響限制在運輸和支付成本比率增加 110 個基點，並透過上述毛利率增加 70 個基點基本上抵消了這一增長。

The net effect of US customs and the combined view of the increased shipping and payment cost ratio and the increasing gross profit margin was therefore mostly compensated and overall not significant. In Q1 of fiscal year '26, the marketing cost ratio decreased by 110 basis points to 10.4%.

因此，美國海關的淨影響以及運輸和支付成本比率增加和毛利率增加的綜合影響基本上得到抵消，總體而言並不顯著。2026 財年第一季度，行銷成本率下降了 110 個基點，至 10.4%。

We are successfully capturing market share but are mindful of the overall soft market situation. As targeted, we will increase marketing spend throughout the remaining fiscal year if deemed effective. Also, the selling, general, and administrative, SG&A cost ratio decreased by 110 basis points to 12.9% compared to the prior year quarter. SG&A expenses increased by 4.7% compared to the previous year quarter, and the cost ratio benefited from the strong top-line increase.

我們正在成功搶佔市場份額，但也意識到整體市場形勢疲軟。如計劃實施，如果效果良好，我們將在本財年剩餘時間內增加行銷支出。此外，銷售、一般及行政費用（SG&A）比率較上年同期下降110個基點至12.9%。與上年同期相比，銷售、一般及行政費用成長了 4.7%，成本率受益於強勁的營收成長。

Subsequently, the adjusted EBITDA margin expanded by 210 basis points during the quarter to 3.5% as compared to the 1.4% in the prior year period. Adjusted EBITDA grew by $5 million to $7.9 million in Q1 of fiscal year '26. Q1 profitability in the previous year was very low, and given the cost developments just mentioned, we expect profitability levels at Mytheresa in the remaining quarters in this fiscal year '26 transition year to be at previous year profitability levels. Inventory levels at Mytheresa are up 4%, compared to previous year, despite double-digit growth.

隨後，本季調整後的 EBITDA 利潤率較上年同期成長 210 個基點，達到 3.5%，而去年同期為 1.4%。2026 財年第一季調整後 EBITDA 成長 500 萬美元，達到 790 萬美元。上一年第一季的獲利能力非常低，鑑於剛才提到的成本變化，我們預計 Mytheresa 在 2026 財年過渡年剩餘季度的獲利水準將與上一年持平。儘管實現了兩位數的成長，但 Mytheresa 的庫存水準與前一年相比仍上升了 4%。

Let me now comment on the luxury NET-A-PORTER and MR PORTER segment in more detail. In the first quarter of our fiscal year '26, GMV and net sales decreased by minus 10.8% to EUR224.5 million and EUR212.3 million, respectively. The anticipated top-line decrease was fully in line with our expectations and due to lower merchandise order volumes from previous year.

現在讓我更詳細地談談NET-A-PORTER和MR PORTER這兩個奢侈品電商平台。在我們 2026 財年第一季度，GMV 和淨銷售額分別下降了 10.8%，至 2.245 億歐元和 2.123 億歐元。預期的營收下降完全符合我們的預期，這是由於商品訂單量較上年下降所致。

The new leadership is working on adjusting upcoming season’s buying volumes and aligning subsequent marketing strategy to re-embark on top-line growth again. We expect to see first signs on GMV growth in the second half of this fiscal year. The gross profit margin in Q1 increased by 130 basis points from 46.5% to 47.8%, with the increase influenced by a higher share of full price sales and one-time effects in the previous year. Core focus of our transformation plan is to bring down the SG&A cost ratio.

新領導層正在努力調整下一季的採購量，並調整後續的行銷策略，以重新實現營收成長。我們預計在本財年下半年將出現GMV成長的初步跡象。第一季毛利率從 46.5% 成長 130 個基點至 47.8%，成長主要受全價銷售比例上升和去年一次性因素的影響。我們的轉型計劃的核心重點是降低銷售、一般及行政費用率。

SG&A expenses in Q1 of fiscal year 2026 decreased by minus $4.2 million or minus 6.8% compared to the last quarter, which was Q4 of fiscal year 2025, running from April to June 2025. Compared to the first quarter of previous year, SG&A expenses decreased by minus $6.6 million or minus 9.7%, if you included IT development costs that were capitalized last year.

2026 財年第一季的銷售、一般及行政費用比上一季（即 2025 財年第四季度，從 2025 年 4 月到 6 月）減少了 420 萬美元，降幅為 6.8%。與上年第一季相比，銷售、一般及行政費用減少了 660 萬美元，減少了 9.7%（如果將去年資本化的 IT 開發成本也計算在內）。

As this is the first quarter of fiscal year' 26, we will see more significant effects throughout fiscal year 2026 and fiscal year '27. With the top-line decrease of minus 10.8% in GMV in the quarter, the SG&A cost ratio increased marginally by 30 basis points compared to the previous year quarter, including capitalized IT development costs in the previous year quarter. Overall, the SG&A cost ratio in the quarter is at 27.6% of GMV compared to 12.9% at Mytheresa.

由於這是 2026 財年的第一季度，我們將在 2026 財年和 2027 財年看到更顯著的影響。由於本季 GMV 下降了 10.8%，SG&A 成本率較上年同期略微上升了 30 個基點，其中包括去年同期資本化的 IT 開發成本。整體而言，本季銷售、一般及行政費用佔商品交易總額的 27.6%，而 Mytheresa 的比例為 12.9%。

We will continue to bring down this more than 1,000 basis points difference with adjusting the operating model, the IT replatforming, corporate overhead cost savings, and re-embarking on top-line growth. Given the top-line decrease of minus 10.8% GMV in the quarter, EUR9.3 million less gross profit was generated. With the other cost lines in line with our expectations, the adjusted EBITDA margin in the quarter was at a negative minus 6.9%, below the adjusted EBITDA level at Mytheresa.

我們將繼續透過調整營運模式、IT平台重構、節省公司管理費用以及重新開始營收成長來縮小這1000多個基點的差距。由於本季總銷售額下降了 10.8%，毛利減少了 930 萬歐元。在其他成本項目符合預期的情況下，本季調整後的 EBITDA 利潤率為 -6.9%，低於 Mytheresa 的調整後 EBITDA 水準。

The new leadership teams at NET-A-PORTER and MR PORTER are in the middle of refining and investing in our buying and marketing efforts to set NET-A-PORTER and MR PORTER on a growth trajectory again while focusing on profitability. With the execution of our transformation plan and bringing down the SG&A cost ratio, we expect the NAP MR P segment to achieve comparable profitability levels to the Mytheresa segment, with a targeted adjusted EBITDA margin of 7% to 9% medium term.

NET-A-PORTER 和 MR PORTER 的新領導團隊正在調整和投資我們的採購和行銷工作，以使 NET-A-PORTER 和 MR PORTER 再次走上成長軌道，同時專注於獲利能力。隨著轉型計畫的實施和銷售、一般及行政費用率的降低，我們預計 NAP MR P 業務部門的獲利能力將與 Mytheresa 業務板塊相當，中期目標調整後 EBITDA 利潤率將達到 7% 至 9%。

We expect NAP MR P to break even on adjusted EBITDA margin level already in fiscal year '27. Inventory levels at NAP MR P are down minus8.8% to previous year, with a healthy old season share at targeted levels and in line with the situation at Mytheresa.

我們預計 NAP MR P 將在 2027 財政年度達到調整後 EBITDA 利潤率收支平衡。NAP MR P 的庫存水準比上年下降了 8.8%，舊季份額健康，達到目標水平，與 Mytheresa 的情況一致。

Let me now review the financial performance of the Off-Price business of YOOX. Continuing the path of a more comprehensive restructuring effort at YOOX and with focus on profitable customer cohorts, GMV and net sales in Q1 of fiscal year 2026 declined by 19.3% and 16.5%, respectively, to EUR118.6 million GMV and net sales in the quarter, also driven by the deliberate shutdown of the unprofitable YOOX marketplace, which had a GMV of EUR4.6 million in Q1 fiscal year 2025.

現在讓我來回顧YOOX折扣店業務的財務表現。YOOX 持續推動更全面的重整工作，並專注於獲利的客戶群。 2026 財年第一季度，其 GMV 和淨銷售額分別下降了 19.3% 和 16.5%，至 1.186 億歐元。這主要是由於 YOOX 市場故意關閉，該市場在 2025 財年第一季的 GMV 為 460 萬歐元。

YOOX gross profit margin increased by 400 basis points from 32.6% in the prior-year period to 36.5%, mostly driven by previous year destocking initiatives. Core focus of our transformation plan is to bring down the SG&A cost ratio also at YOOX. At YOOX, SG&A expenses in Q1 of fiscal year '26 decreased by minus EUR6.2 million or minus 15.5% versus Q1 of previous year if you included all the IT development costs in previous year on a standalone basis.

YOOX 的毛利率從去年同期的 32.6% 增加了 400 個基點至 36.5%，這主要得益於去年的去庫存措施。我們的轉型計劃的核心重點是降低 YOOX 的銷售、一般及行政費用比率。如果將上一年所有 IT 開發成本單獨計算，YOOX 2026 財年第一季的銷售、一般及行政費用比上年第一季減少了 620 萬歐元，降幅為 15.5%。

With the carve-out of the OUTNET from Off-Price and reporting it as discontinued operations, we excluded all P&L effects that were directly attributed to the OUTNET and will fall away subsequently. Certain cost elements in corporate and tech will not fall away with the sale of the OUTNET and therefore increased the cost share for YOOX and the group.

由於 OUTNET 從 Off-Price 中剝離出來，並將其作為終止經營業務進行報告，我們排除了所有直接歸因於 OUTNET 的損益影響，這些影響隨後將消失。出售 OUTNET 後，企業和技術方面的某些成本要素不會消失，因此增加了 YOOX 和集團的成本分攤。

With reporting the OUTNET as discontinued operations, EUR3.6 million SG&A expenses from the OUTNET were allocated to YOOX already in this quarter. The OUTNET had net sales of EUR41 million in Q1 of fiscal year 2026. At YOOX, the SG&A cost ratio was at 28.6% of GMV. We will continue to bring down the SG&A cost ratio with significantly simplifying the operating model, subsequent IT downsizing, corporate overhead cost savings, and re-embarking on top-line growth.

由於 OUTNET 被列為終止經營業務，本季 OUTNET 的 360 萬歐元銷售、管理及行政費用已分配給 YOOX。OUTNET 在 2026 財年第一季的淨銷售額為 4,100 萬歐元。在 YOOX，銷售、一般及行政費用佔商品交易總額的 28.6%。我們將繼續透過大幅簡化營運模式、隨後縮減 IT 部門規模、節省公司管理費用以及重新開始營收成長來降低銷售、一般及行政費用比率。

During the first quarter of fiscal year 2026, the adjusted EBITDA margin was at minus 18.1%, in line with expectations in our transformation plan. With the execution of our defined transformation measures, we expect to return to adjusted EBITDA profitability of YOOX in 15 to 21 months and return to top-line growth already in fiscal year 2027.

2026 財年第一季調整後的 EBITDA 利潤率為 -18.1%，符合我們轉型計畫中的預期。透過執行我們制定的轉型措施，我們預計 YOOX 將在 15 至 21 個月內恢復調整後 EBITDA 獲利，並在 2027 財年恢復營收成長。

Inventory levels at YOOX are minus 13% to previous year, in line with our targeted inventory strategy at YOOX. Now that we have reviewed the performance of our individual segments, let’s take a look at how these results translate into our group-level financials for LuxExperience. In Q1 fiscal year '26, group GMV amounted to EUR588.9 million, while group net sales were at EUR557.2 million. GMV and net sales declined by minus 4.3% and minus 4.2%, respectively, as compared to illustrative levels in Q1 fiscal year '25, excluding the OUTNET.

YOOX 的庫存水準比前一年下降了 13%，符合我們在 YOOX 制定的目標庫存策略。現在我們已經回顧了各個業務部門的業績，接下來讓我們看看這些結果如何轉化為 LuxExperience 集團的整體財務狀況。2026財年第一季，集團商品交易總額（GMV）為5.889億歐元，集團淨銷售額為5.572億歐元。與 2025 財年第一季的示例性水準相比，淨銷售額分別下降了 4.3% 和 4.2%（不包括 OUTNET）。

Adjusted EBITDA on group level stood at minus $28.1 million, with an adjusted EBITDA margin of minus 5%. Top and bottom line of the LuxExperience group are at expected levels for Q1 of fiscal year '26, excluding the OUTNET. At the end of Q1 fiscal year '26, and excluding the inventory of the OUTNET, the group inventory stood at $1.018 billion.

集團層級的調整後 EBITDA 為 -2,810 萬美元，調整後 EBITDA 利潤率為 -5%。除 OUTNET 外，LuxExperience 集團 2026 財年第一季的營收和利潤均達到預期水準。截至 2026 財年第一季末，不包括 OUTNET 的庫存，集團庫存為 10.18 億美元。

Operating cash flow of the LuxExperience group was at minus $146.4 million, driven by phasing, seasonal, and one-time effects. Excluding the one-time effects, we had around minus $40 million negative operating cash flow. One-time effects relate to restructuring expenses, phasing of accounts payables, and custom drawback receivables. Negative cash flow in the first quarter is typical due to seasonal inventory buildup.

受分階段、季節性和一次性因素的影響，LuxExperience 集團的營運現金流為負 1.464 億美元。不計一次性影響，我們的營運現金流為負約 4,000 萬美元。一次性影響與重組費用、應付帳款分期付款和客製化退款應收款有關。由於季節性庫存積壓，第一季出現負現金流是正常現象。

For the full fiscal year '26, we expect operating cash burn to stay well below EUR200 million, given fiscal year '26 as the key transition year for our transformation plan. We are executing our transformation plan on a fully funded basis, with total cash outflow during all years of the transformation plan to range between EUR350 million and EUR450 million. We expect to break even on an operating cash level in 2 to 2.5 years.

鑑於 2026 財年是我們轉型計畫的關鍵過渡年，我們預計整個 2026 財年的經營現金消耗將遠低於 2 億歐元。我們正在以全額資金支持的方式執行轉型計劃，轉型計劃所有年度的總現金支出將在 3.5 億歐元至 4.5 億歐元之間。我們預計在 2 至 2.5 年內實現營運現金流收支平衡。

The group ended the fiscal year with a cash position of around EUR460 million and additional access to revolving credit facilities of EUR200 million, of which EUR42.2 million were utilized end of Q1 fiscal year 2026. LuxExperience has a strong balance sheet with EUR1.7 billion of current assets, mostly inventories and cash, almost no bank debt, and an equity ratio of 60%.

該集團在財政年度結束時擁有約 4.6 億歐元的現金頭寸，並可額外獲得 2 億歐元的循環信貸額度，其中 4,220 萬歐元已於 2026 財年第一季末使用。LuxExperience 的資產負債表穩健，擁有 17 億歐元的流動資產（主要是庫存和現金），幾乎沒有銀行債務，權益比率為 60%。

The integration of the YNAP finance teams and formation of all LuxExperience group structures has started early and are progressing very well. Key activities included a new group-wide organization and governance setup, an integrated finance consolidation and IFRS 16 tool, new segment reporting, unified accounting and reporting policies with transparent cost center structures to enable accountability and cost savings, and a highly efficient and effective finance group team setup.

YNAP財務團隊的整合以及LuxExperience集團所有架構的組成工作已提前啟動，並且進展非常順利。主要活動包括建立新的集團組織和治理架構、整合財務合併和 IFRS 16 工具、新的分部報告、統一的會計和報告政策以及透明的成本中心結構，以實現問責制和成本節約，以及建立高效的財務團隊。

The statutory and group audits for fiscal year '25 under strict PCAOB guidelines were successful, and we filed our 20-FS plan on October 30, 2025. We are in an ideal position to execute our transformation plan to deliver sustainable growth and profitability, supported by our strategic initiatives across our segments. With our continued success at Mytheresa, we have proven that we are the best execution team in global digital luxury.

根據美國公眾公司會計監督委員會 (PCAOB) 的嚴格指導方針，2025 財年的法定審計和集團審計均已成功完成，我們於 2025 年 10 月 30 日提交了 20-FS 計劃。我們目前處於理想的位置，可以執行轉型計劃，實現永續成長和獲利，這得益於我們在各個業務領域的策略性舉措。憑藉我們在 Mytheresa 的持續成功，我們證明我們是全球數位奢侈品領域最優秀的執行團隊。

The new leadership teams at NET-A-PORTER, MR PORTER, and YOOX have begun their work, and at group level, we are in the midst of implementing the measures of our transformation plan. Given our agreement to sell the assets powering The OUTNET, we would like to provide an updated guidance for fiscal year 2026 that reflects the new structure of our LuxExperience group.

NET-A-PORTER、MR PORTER 和 YOOX 的新領導團隊已經開始工作，集團層面，我們正在實施轉型計劃的各項措施。鑑於我們已同意出售為 The OUTNET 提供支援的資產，我們希望提供一份更新的 2026 財年業績指引，以反映我們 LuxExperience 集團的新結構。

The new guidance takes into consideration the anticipated financial impact of the transaction and reconfirms our guidance for the other business and segments. We remain committed to the full execution of the transformation plan, which includes operational adjustments, technology platform integration, and organizational alignment.

新的業績指引考慮了該交易的預期財務影響，並重申了我們對其他業務和部門的指引。我們將繼續致力於全面執行轉型計劃，其中包括營運調整、技術平台整合和組織架構調整。

As communicated, fiscal year '26 will be our key transition year. For fiscal year '26, we expect LuxExperience GMV at around EUR2.4 billion to EUR2.7 billion and an adjusted EBITDA margin between minus 2% and plus 1%.

正如先前所宣布的，2026財年將是我們的關鍵過渡年。對於 2026 財年，我們預計 LuxExperience 的 GMV 將在 24 億歐元至 27 億歐元之間，調整後的 EBITDA 利潤率將在 -2% 至 +1% 之間。

We expect Mytheresa to grow mid to high-single-digits in the full fiscal year. NET-A-PORTER and MR PORTER will show growth in the second half of the fiscal year, but a decline by low single digits for the full fiscal year. YOOX will continue to adjust the revenue base downwards, but at a lower extent in the second half of the fiscal year. Our medium-term targets remain unchanged at adjusted EBITDA profitability at 7% to 9% and to return to 10% to 15% annual growth rates.

我們預計 Mytheresa 在本財年將實現中高個位數成長。NET-A-PORTER 和 MR PORTER 在本財年下半年將實現成長，但整個財年將出現個位數百分比的下滑。YOOX 將繼續下調收入基數，但在本財年下半年下調幅度會較小。我們的中期目標保持不變，調整後 EBITDA 獲利能力達到 7% 至 9%，並恢復到 10% 至 15% 的年增長率。

With this, I hand over to Michael for his concluding remarks.

接下來，我將發言權交給邁克爾，請他作總結發言。

Thank you, Martin. We are very pleased with our first quarter of fiscal year '26 earnings results. The outstanding performance of Mytheresa demonstrates our proven ability to drive profitable growth in digital luxury, and the clear signs of the commercial turnaround at NET-A-PORTER and MR PORTER show that we are fully on track with our transformation plan. With the agreement to sell the assets at The OUTNET, we have also found a tailored solution that allows us to accelerate the transformation at YOOX.

謝謝你，馬丁。我們對2026財年第一季的獲利結果非常滿意。Mytheresa 的出色表現證明了我們在推動數位奢侈品盈利增長方面的能力，而 NET-A-PORTER 和 MR PORTER 的商業復甦跡象表明，我們的轉型計劃正在全面推進。透過與 OUTNET 達成資產出售協議，我們也找到了一個量身定制的解決方案，使我們能夠加速 YOOX 的轉型。

LuxExperience is in the perfect position to benefit from the continued growth of digital luxury and the ongoing consolidation in the sector. We expect to become the one and only destination for luxury enthusiasts worldwide. We will continue to generate enormous value for our customers, brand partners, and shareholders.

LuxExperience 處於絕佳位置，能夠從數位奢侈品的持續成長和該行業的不斷整合中獲益。我們期望成為全球奢侈品愛好者的唯一目的地。我們將繼續為我們的客戶、品牌合作夥伴和股東創造巨大價值。

And with that, I ask the operator to open the line for your questions.

接下來，我請接線生開通線路，回答您的問題。

(Operator Instructions) Blake Anderson, Jefferies

（操作說明）布萊克·安德森，傑富瑞

Hi guys. Thanks for taking my question. So I wanted to ask on the acquisition, looks like it’s been almost seven months now since you closed it. There are lots of moving pieces. I wanted to ask, what are the strongest signs that you think your plan is working so far and that it’s on track? What will be any areas, if any, that have surprised you?

嗨，大家好。謝謝您回答我的問題。所以我想問一下關於收購的事，看起來距離你們完成收購已經快七個月了。牽涉的環節很多。我想問一下，您認為目前為止，有哪些最有力的跡象表明您的計劃正在奏效並按計劃進行？有哪些方面讓你感到意外？

Thank you, Blake. Indeed, we closed in April, so a few months into the overall work, we are well on track, as explained in our call. If you look at some of the quality KPIs of margin, of AOV, of spend per top customer, we are well on track. And for the luxury NET-A-PORTER, MR PORTER, we believe and expect positive growth already next year in '26 calendar. Really good developments. We are really happy that we were able to bring a new leadership team so quickly at NET-A-PORTER, at MR PORTER, and also at YOOX.

謝謝你，布萊克。事實上，我們在四月就完成了收尾工作，所以幾個月過去了，正如我們在電話會議中解釋的那樣，我們一切進展順利。如果看一下利潤率、平均訂單價值、頂級客戶消費額等一些品質關鍵績效指標，我們會發現我們進展順利。對於奢侈品電商平台 NET-A-PORTER 和 MR PORTER，我們相信並預計明年（2026 年）將實現積極成長。非常好的進展。我們非常高興能夠如此迅速地為 NET-A-PORTER、MR PORTER 和 YOOX 引入新的領導團隊。

The signed agreement to sell the assets of the OUTNET was a significant milestone. We have announced workforce reductions in multiple locations, so it is all well on track. Martin explained that we already see the results of very early SG&A reductions. I mean, a lot of the activities that we are doing have, of course, lags before they can really take effect in the P&L.

簽署出售 OUTNET 資產的協議是一個重要的里程碑。我們已宣佈在多個地點裁員，一切進展順利。馬丁解釋說，我們已經看到了早期降低銷售、一般及行政費用的效果。我的意思是，我們進行的許多活動，當然都需要一段時間才能真正對損益表產生影響。

We are very happy. We are not surprised. We knew what was not working. We knew what was working because we did a very extensive due diligence. Now, of course, in a quite unique position of truly understanding the business model of NET-A-PORTER and MR PORTER, and also very close to the off-season luxury business.

我們非常高興。我們並不感到意外。我們知道哪些環節出了問題。我們知道哪些方法有效，是因為我們進行了非常全面的盡職調查。當然，現在我處於一個非常獨特的位置，真正了解 NET-A-PORTER 和 MR PORTER 的商業模式，並且與淡季奢侈品行業也非常接近。

It looks very, very good. We explained in May that this is a multi-year exercise with continuous improvement. This is not front-loaded, back-end-loaded. We will continue to show quarter-by-quarter improvements. This was only the first quarter.

看起來非常好。我們在五月解釋過，這是一項需要多年時間不斷改進的工作。這不是前期投入、後期投入的模式。我們將繼續保持季度環比增長。這只是第一季。

Makes sense. Still very early. I wanted to ask on the guidance. It sounds like there were not really any changes there aside from the OUTNET sale. Just wanted to confirm that and then see if there was any color you could provide on a quarterly basis by segment there. I think you said the Mytheresa segment was maybe mid to high single-digit GMV growth, which I think would imply a slowdown. Any more color on that segment as well, which has been really strong for you?

有道理。現在還為時過早。我想諮詢一下指導意見。聽起來除了 OUTNET 出售之外，那裡並沒有什麼真正的改變。我只是想確認一下，然後看看您能否按季度按細分市場提供一些顏色數據。我認為你曾說過 Mytheresa 板塊的 GMV 成長率可能在個位數中高段位，我認為這意味著增速放緩。關於你重點關注的那部分內容，還有什麼補充說明嗎？

No, you’re completely right, Blake. There is a reconfirmation of the perspective and the guidance for the two segments, Mytheresa and NET-A-PORTER and MR PORTER. It is obviously an adjustment needed if we take out the OUTNET and report it as discontinued operations. That is around EUR 212 million of net sales for the full year that we expected. Therefore, we had to adjust that.

不，你說的完全正確，布萊克。對於 Mytheresa、NET-A-PORTER 和 MR PORTER 這兩個細分市場，其觀點和指導方針得到了再次確認。如果我們剔除 OUTNET 並報告為已停止運營，顯然需要進行一些調整。這與我們預期的全年淨銷售額約為 2.12 億歐元相符。因此，我們不得不做出調整。

You see that also we narrowed the range on top and bottom line. I mean, we had on bottom line minus 4% to plus 1%, and now we narrowed it down. I think we are, as a key success factor, is to really start early and really push the transformation plan. We are well on track to see the good movements. Yeah, reconfirmation of the guidance, adjusting it for the OUTNET effect.

您可以看到，我們也縮小了營收和營收的範圍。我的意思是，我們之前的損益平衡點在-4%到+1%之間，現在我們已經縮小了範圍。我認為，我們成功的關鍵因素在於儘早啟動並大力推動轉型計畫。我們正按計劃穩步前進，並有望看到積極的進展。是的，再次確認指導意見，並根據 OUTNET 效應進行調整。

On the Mytheresa guidance, mid- to high-single-digits, I mean, there’s no specific call-out. I mean, as we are seeing very strong support and great signs of growth throughout both luxury segments. Obviously, we want to be mindful in the overall situation of the market. I mean, it is always tough to predict. Therefore, it is a -- this is in line with what we expect today, in line with an overall soft market.

關於 Mytheresa 的業績指引，我的意思是，中高個位數，沒有特別的說明。我的意思是，我們看到奢侈品兩大細分市場都獲得了非常強勁的支持，並且出現了巨大的成長跡象。顯然，我們要密切關注市場的整體情勢。我的意思是，預測總是很困難的。因此，這符合我們今天的預期，也符合整體疲軟的市場狀況。

Oliver Chen, TD Cowen. (Operator Instructions)

Oliver Chen，TD Cowen。（操作說明）

Cedric Norest, Morgan Stanley.

塞德里克·諾雷斯特，摩根士丹利。

Hi, Michael, and Martin. Thank you very much for taking my question. I have two, if that’s okay. First, there is this idea that fashion trends follow a pendulum swinging from maximalism and colorful style to more quiet luxury ones, the latest being more in favor over the recent past. We recently saw waves of fashion designers change doing their debut in some of the largest luxury houses.

嗨，麥可和馬丁。非常感謝您回答我的問題。我有兩個，可以嗎？首先，有一種觀點認為，時尚潮流遵循鐘擺的規律，從極繁主義和色彩繽紛的風格搖擺到更安靜的奢華風格，而後者比過去更受歡迎。我們最近看到一波又一波的時裝設計師湧現，他們在一些最大的奢侈品牌中首次亮相。

Having in mind that fashion trends are hard to predict, could you perhaps elaborate on what you have seen in terms of consumer appetite for bolder looks and the overall interest for the luxury category? Have these recent creative directors changes generated more interest? If yes, for which brands?

考慮到時尚潮流難以預測，您能否詳細說明您觀察到的消費者對更大膽造型的需求以及對奢侈品類別的整體興趣？最近創意總監的更迭是否激發了更多關注？如果是，是哪些品牌？

Secondly, if you could share what you saw in terms of performance by category, that would be helpful. Thank you.

其次，如果您能按類別分享您觀察到的表現情況，那就太好了。謝謝。

Happy to do so, Cedric. You're absolutely right. We have come out of a fashion week cycle with lots of new designers. At a very high level, because each brand has its own story. There was a bit of movement to more bolder, more colorful, more feminine -- more femininity across many, many brands. We clearly see more buzz. We clearly see more interest. Most of these collections have not dropped yet.

我很樂意效勞，塞德里克。你說得完全正確。剛結束了一輪時裝週，湧現了許多新銳設計師。從宏觀層面來看，因為每個品牌都有自己的故事。許多品牌都出現了一種趨勢，那就是更大膽、色彩更豐富、更有女性氣質——更女性化。我們明顯感覺到討論聲音更多了。我們明顯看到人們的興趣增加。這些系列大部分尚未發售。

This is really February, March, April, where we will see how the appetite for consumers are by different maisons. We clearly have seen a joined idea of many creative directors to move into a new swing, move out of quiet luxury. I always insist that the drivers of quiet luxury brands like Zegna, Brunello Cucinelli, Loro Piana, they will continue to be successful. This is an additional side of fashion that hopefully will excite customers as we move into February, March, April, when a lot of these shows and collections will become available.

二月、三月、四月，我們將真正看到不同品牌對消費者的需求。我們已經清楚看到，許多創意總監達成了一個共識，那就是要開啟新的篇章，擺脫低調奢華的風格。我始終堅信，像傑尼亞 (Zegna)、布魯內羅·庫奇內利 (Brunello Cucinelli)、羅洛·皮亞納 (Loro Piana) 這樣的低調奢華品牌的驅動力，將會繼續取得成功。這是時尚的另一個方面，希望它能隨著二月、三月、四月的到來而令顧客感到興奮，屆時許多時裝秀和系列產品將會上市。

In terms of what is driving the growth, this is, of course, very much the story of Mytheresa, the story of NET-A-PORTER and MR PORTER. It’s clothing. It’s ready to wear. This is where we see the nicest momentum. This is driven by a very diverse lifestyle of our clients.

至於推動成長的因素，這當然很大程度上就是 Mytheresa、NET-A-PORTER 和 MR PORTER 的故事。它的衣服。它可以直接穿。這裡我們看到了最佳的發展動能。這是由於我們客戶的生活方式非常多樣化所致。

Vacation remains a big theme, both summer and winter. There is one additional category that we always call out, which is the success of fine jewelry, now also on digital. It is probably one of the later categories that have moved. We see good traction both on NET-A-PORTER and on Mytheresa for fine jewelry in the neighborhood of 20,000-50,000 pieces. We are gradually moving up into very nice price points, of course, not haute joaillerie, but real luxury products.

無論是夏季還是冬季，度假仍然是一個重要的主題。我們一直強調的另一個類別是高級珠寶的成功，現在高級珠寶在數位領域也取得了成功。它可能是較晚遷移的類別之一。我們看到，在 NET-A-PORTER 和 Mytheresa 上，數量在 20,000 至 50,000 件左右的高級珠寶市場反應良好。我們正逐步向非常好的價位進軍，當然，不是高級珠寶，而是真正的奢侈品。

(Operator Instructions) Oliver Chen, TD Cowen.

（操作說明）Oliver Chen，TD Cowen。

Hi, Michael. Hi, Martin. Hopefully, you can hear me now. This is Nicholas Silvia on for Oliver Chen. Thank you both for taking the time. I do believe some of my questions were answered already, but I did want to ask a little bit more on guidance. I know you mentioned that EBITDA margin sounds like was adjusted a tiny bit on the lower end, if I’m not mistaken. I was just wondering if you could provide any additional color on what you think the primary drivers are there, if there are any, besides the sale of The OUTNET.

你好，麥可。你好，馬丁。希望你現在能聽到我說話了。這裡是尼可拉斯‧西爾維亞，替奧利佛‧陳為您報道。感謝二位抽出時間。我相信我的一些問題已經得到了解答，但我還想再請教一些指導問題。我知道你提到 EBITDA 利潤率似乎在下限方面略有調整，如果我沒記錯的話。我只是想問一下，除了出售 OUTNET 之外，您能否再補充一些關於您認為主要驅動因素（如果有的話）的資訊。

My second question is if you could just speak a little bit more on what you are seeing regionally? Thank you.

我的第二個問題是，您能否再詳細談談您在該地區看到的情況？謝謝。

Yeah, maybe I’ll take the first question on the guidance. Yeah, no, we adjusted it upwards. We had adjusted EBITDA margin for the group minus 4% to plus 1% previously, and therefore now guide towards minus 2% to plus 1%. If you take the midpoints, it’s an improvement.

是的，或許我會回答關於指導方針的第一個問題。是的，我們向上調整了。我們之前已將集團的 EBITDA 利潤率調整為 -4% 至 +1%，因此現在預計為 -2% 至 +1%。如果取中點，那就有所改進。

Obviously, as Michael outlined, it is the transformation plan that we are embarking on from a group level. In addition, the work of the new leadership teams at the brands, we are all working on improving the profitability from the business side, from the back-end side, and also then focusing on re-embarking on growth.

顯然，正如邁克爾所概述的那樣，這是我們正在從集團層面著手實施的轉型計劃。此外，各品牌的新領導團隊都在努力從業務方面、後端方面提高獲利能力，並重新開始成長。

For us, and we outlined that in multiple last calls, the SG&A cost ratio is really the key element of improving the profitability. It is quite noteworthy that already in Q1, so July, August, September, just a couple of months after closing, we were able to decrease SG&A costs by minus EUR15 million if you combine the two YNAP segments of the quarter in comparison to the prior year quarter.

對我們來說，正如我們在多次最後通牒中所強調的，銷售、一般及行政費用比率是提高獲利能力的關鍵因素。值得注意的是，在第一季（即 7 月、8 月、9 月），也就是交易完成後的短短幾個月內，如果將該季度 YNAP 的兩個業務板塊與去年同期相比合併計算，我們已能夠將銷售、管理及行政費用減少 1500 萬歐元。

We are obviously front-loading a lot of pain, a lot of adjustments that we need to do, and we will continue to do so. This is the core element. I also guided on growth, especially NET-A-PORTER, MR PORTER, already in the second half of this fiscal year to show growth. This will obviously also help on the ratio logic, that from a lower expense base to then have obviously profitability improvement on the whole group re-embarking on the growth trajectory again.

顯然，我們前期要承受很多痛苦，需要做出很多調整，而且我們還會繼續這樣做。這是核心要素。我還指導了成長，特別是 NET-A-PORTER 和 MR PORTER，在本財年下半年已經實現了成長。這顯然也有助於提高比率邏輯，即透過降低支出基數，從而明顯提高整個集團的獲利能力，使其重新走上成長軌道。

It always helps to be the number-one worldwide to really push also on the growth side.

成為全球第一總是有助於在成長方面取得更大進展。

Yeah, let me talk about geography. We continue to see very good traction in the US. We highlighted in our script that it is actually the fastest at accelerating geography. Europe, excluding Germany, very stable growth rates. We are across all the segments happy with these two geographies.

好，那我來談談地理吧。我們在美國市場持續獲得非常好的發展動能。我們在腳本中強調，它實際上是地理加速最快的。除德國以外，歐洲其他地區成長率非常穩定。我們所有業務部門都對這兩個地區的市場表現感到滿意。

On the YOOX side, as we said, we are really focusing on the healthy core, which is Europe. We intentionally drive business in Europe. Asia has stabilized, obviously, at a low level. We are really looking forward to continued growth in the short term in the US and Europe. There may be upside opportunity now in China, but probably still early to say.

正如我們所說，YOOX 這邊，我們真正關注的是健康的核心市場，也就是歐洲。我們有意將業務拓展到歐洲。亞洲疫情顯然已經穩定在較低水準。我們非常期待短期內在美國和歐洲市場繼續保持成長動能。目前中國市場可能有上漲機會，但現在下結論可能還為時過早。

I just want to highlight that as a group, 31% of our business is now in the United States. We feel very good about our US business and our scale in the US now.

我只想強調一點，我們集團目前 31% 的業務都在美國。我們現在對我們在美國的業務和規模感到非常滿意。

Appears to be no further questions at this time. This does conclude today's call. Thank you for attending. You may now disconnect.

目前看來沒有其他問題了。今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。