LuxExperience BV (LUXE) 2026 Q2 法說會逐字稿

Greetings, and welcome to the LuxExperience second quarter of fiscal year 2026 earnings conference call. At this time, all participants are in a listen-only mode. 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 財年第二季財報電話會議。目前，所有參與者均處於唯讀模式。今天的電話會議將進行錄音，我們預留了一個小時來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。謝謝您，先生。請開始。

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

謝謝接線員，歡迎各位參加 LuxExperience 2026 財年第二季投資人電話會議。今天陪我一起的是我們的執行長麥可·克里格。

Before we begin, I would 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 investors.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 investors.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 second 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 財年第二季的業績和表現進行評論。

We are extremely pleased with the results of the second quarter. The initiated turnaround of YNAP already shows good results with strong improvements across all three business segments. Growth and profitability at group level in the second quarter of this fiscal year confirm that we are fully on track with our transformation plan targeting medium-term group net sales of EUR4 billion with an adjusted EBITDA margin of 7%-9%.

我們對第二季的業績非常滿意。YNAP 的轉型計畫已經取得了良好的成效，三大業務板塊都實現了顯著改善。本財年第二季集團層級的成長和獲利能力證實，我們的轉型計畫正全面按計畫進行，目標是中期集團淨銷售額達到 40 億歐元，調整後 EBITDA 利潤率為 7%-9%。

The Mytheresa business continues to outpace the industry, delivering double-digit growth and high profitability. NET-A-PORTER and MR PORTER already show sequential improvements as a direct result of the execution of the new strategic focus on customer full-price selling and cost discipline. At YOOX, our strategy of focusing on the healthy core of the business by the new management is also generating clear improvements in the results.

Mytheresa 的業務持續超越行業平均水平，實現了兩位數的成長和高盈利能力。由於採取了以客戶全價銷售和成本控制為重點的新策略，NET-A-PORTER 和 MR PORTER 的績效已經出現了連續成長。在 YOOX，新管理階層專注於業務健康核心的策略也帶來了明顯的業績提升。

We continue to see seismic shifts in our sector as more and more of our competitors are not able to deliver profitable growth. LuxExperience is now the clear digital multi-brand leader for luxury enthusiasts on a global level. Over the past decade, Mytheresa has consistently built and grown trusted relationships with its brand partners and customers. These relationships are the foundation of our success.

隨著越來越多的競爭對手無法實現獲利成長，我們所在的產業正發生巨大的變化。LuxExperience 現已成為全球奢侈品愛好者公認的數位多品牌領導者。在過去十年間，Mytheresa 一直致力於與品牌合作夥伴和客戶建立和發展互信關係。這些關係是我們成功的基礎。

Sustainable and profitable growth in luxury comes from providing brands and customers with the very best in-service and experience. As a group, we know how to engage with true luxury customers through desirability, emotion, and community. These principles remain at the core of everything we do. Together with NET-A-PORTER, MR PORTER, and YOOX, we will seize the tremendous opportunities that present to us going forward. As LuxExperience, we possess the secret sauce in digital luxury.

奢侈品產業的可持續獲利成長源自於為品牌和客戶提供最好的服務和體驗。作為一個團隊，我們知道如何透過吸引力、情感和社群來吸引真正的奢侈品客戶。這些原則始終是我們一切工作的核心。我們將與 NET-A-PORTER、MR PORTER 和 YOOX 一起，抓住未來發展中帶來的巨大機會。作為 LuxExperience，我們擁有數位奢侈品的秘密武器。

Let me now start by commenting on the Mytheresa business. We are again extremely pleased with the outstanding results in the second quarter of fiscal year 2026. Mytheresa's clear focus on wardrobe-building, big-spending luxury customers, and their needs through inspiration by curation, highest-quality service, and community-building with physical events has again strongly paid off.

現在讓我先談談Mytheresa這家公司。我們對2026財年第二季的出色業績再次感到非常滿意。Mytheresa 專注於打造衣櫥、服務高消費的奢侈品客戶，並透過精選靈感、最高品質的服務以及舉辦線下活動來建立社群，從而滿足他們的需求，這項策略再次取得了巨大的成功。

In Q2 of fiscal year 2026, we grew our net sales by +8.8% compared to Q2 of fiscal year 2025. In the United States, which is a key market for growth, net sales reached +22.9% in Q2 fiscal year 2026 compared to Q2 fiscal year 2025. In the second quarter, the US accounted for 23.3% of net sales of our total business. In Europe, excluding Germany and the UK, we saw a net sales growth of +7.3% in Q2 fiscal year 2026.

2026 財年第二季度，我們的淨銷售額比 2025 財年第二季成長了 8.8%。在美國這個關鍵成長市場，2026 財年第二季淨銷售額比 2025 財年第二季成長了 22.9%。第二季度，美國市場占我們總業務淨銷售額的 23.3%。在歐洲（不包括德國和英國），我們在 2026 財年第二季實現了淨銷售額成長 7.3%。

Mytheresa's financial strengths and exceptional growth are fundamentally driven by its outstanding customer base. In the second quarter of fiscal year 2026, the top customer base of Mytheresa grew by plus 13.5% compared to the prior year period. Furthermore, the average spend per top customer in terms of GMV grew by a very strong plus 12.5% in Q2 fiscal year 2026 versus Q2 fiscal year 2025. The average order value last 12 months for Mytheresa increased by a remarkable plus 12% to an outstanding EUR824 in Q2 fiscal year 2026, demonstrating the success of our focus on selling full-price, high-end luxury products to top customers. The continued full-price focus at Mytheresa is also evident with the again improved gross profit margin growing by 140 basis points in Q2 fiscal year 2026.

Mytheresa 的財務實力和卓越成長從根本上得益於其傑出的客戶群。2026 財年第二季度，Mytheresa 的頂級客戶群比去年同期成長了 13.5%。此外，2026 財年第二季頂級客戶的平均消費（以 GMV 計算）較 2025 財年第二季成長了 12.5%，成長非常強勁。Mytheresa 過去 12 個月的平均訂單價值在 2026 財年第二季度實現了顯著增長 12%，達到驚人的 824 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。Mytheresa 持續專注於全價策略，這也反映在其毛利率再次提高，2026 財年第二季毛利率成長了 140 個基點。

Lastly, Mytheresa's customer satisfaction, which we measure by our internal net promoter score NPS, hit a high note, reaching 83.7% in Q2 fiscal year 2026, up from 78.3% in Q1 fiscal year 2026, showcasing the continued excellence in customer service despite high volumes during the holiday period. Our success with big-spending wardrobe-building customers makes Mytheresa a highly desired partner for luxury brands.

最後，Mytheresa 的客戶滿意度（我們透過內部淨推薦值 NPS 來衡量）達到了很高的水平，在 2026 財年第二季度達到了 83.7%，高於 2026 財年第一季的 78.3%，這表明儘管在假日期間業務量很大，但客戶服務仍然保持著卓越的水平。我們憑藉在打造衣櫥方面出手闊綽的客戶群中取得的成功，使 Mytheresa 成為奢侈品牌夢寐以求的合作夥伴。

In the second quarter of fiscal year 2026, we saw again many high-impact campaigns and exclusive product launches underlining Mytheresa's strong relationships with luxury brands. We launched exclusive collections like the Dolce & Gabbana holiday collection for womenswear and kids' wear, only available at Mytheresa, as well as exclusive holiday capsule collections for womenswear from Christian Louboutin, Roger Vivier, and Etro, only available at Mytheresa.

在 2026 財年第二季度，我們再次看到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。我們推出了獨家系列，例如 Dolce & Gabbana 女裝和童裝假日系列，僅在 Mytheresa 有售；以及 Christian Louboutin、Roger Vivier 和 Etro 女裝獨家假日膠囊系列，僅在 Mytheresa 有售。

We were the exclusive pre-launch partner for the Studio Nicholson and Aaron Levine's collection for menswear. We also launched exclusive styles from Loewe's and Bottega Veneta's pre-spring 2026 collections and exclusive runway looks from Moncler Grenoble's Fall/Winter 2025 collections for womenswear and menswear. Please see our investor presentation for more details on these capsules and exclusives.

我們是 Studio Nicholson 和 Aaron Levine 男裝系列的獨家預售合作夥伴。我們也推出了 Loewe 和 Bottega Veneta 2026 早春系列的獨家款式，以及 Moncler Grenoble 2025 秋冬系列男女裝的獨家秀場造型。有關這些膠囊系列和獨家產品的更多詳情，請參閱我們的投資者簡報。

In addition to creating desirability for our top customers with exclusive digital campaigns and product launches, we also create desirability and a sense of community for Mytheresa's top customers through unique money-can-buy physical experiences.

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、可以用金錢買到的實體體驗，為 Mytheresa 的頂級客戶創造購買意願和社群歸屬感。

In the second quarter, we invited top customers to a special curated experience with Bottega Veneta at Teatro La Fenice in Venice that included the reopening of the historic theater enjoying Mozart's La Clemenza di Tito, as well as an intimate gala dinner within the theater itself. We hosted an exclusive private gathering in Riyadh, unveiling Mytheresa's latest curated luxury collections, including exclusive skiwear styles. We also hosted style suites in Warsaw, Frankfurt, Zurich, Hong Kong, New York, and Los Angeles, presenting new collections in immersive curated environments.

第二季度，我們邀請了頂級客戶前往威尼斯鳳凰劇院，與 Bottega Veneta 一起體驗特別策劃的活動，其中包括重新開放這座歷史悠久的劇院，欣賞莫札特的歌劇《鐵託的仁慈》，以及在劇院內舉行的私密盛大晚宴。我們在利雅德舉辦了一場專屬私人聚會，揭幕了 Mytheresa 最新精選的奢華系列，其中包括獨家滑雪服款式。我們還在華沙、法蘭克福、蘇黎世、香港、紐約和洛杉磯舉辦了時尚套房活動，在沉浸式的精心策劃環境中展示了新的系列。

A highlight in the United States was a style suite in partnership with Schiaparelli for two days in Miami to present the Drop 2 collection. Together with Roger Vivier, we welcomed our guests in the newly opened Maison Vivier in Paris, offering a special guided archive tour followed by an intimate dinner hosted by creative director, Gherardo Felloni.

在美國的一大亮點是與 Schiaparelli 合作，在邁阿密舉辦了為期兩天的時尚套房活動，展示了 Drop 2 系列。我們與 Roger Vivier 一起在巴黎新開幕的 Maison Vivier 迎接賓客，提供特別的導覽檔案參觀，隨後由創意總監 Gherardo Felloni 主持私人晚宴。

We also partnered with Tom Ford to host our guests at Claridge's in London for an exclusive dinner honoring the creative director Haider Ackermann. Noteworthy was also our two-day mountain experience with Moncler Grenoble in Gstaad, featuring an afternoon tea aboard the iconic La Belle Époque train, an intimate dinner, and snow activities with lunch on the Egli Mountain the following day. In the United States, we also hosted an intimate dinner with Dolce & Gabbana at Casa Cipriani to celebrate the exclusive holiday capsule in attendance of Domenico Dolce.

我們還與 Tom Ford 合作，在倫敦 Claridge's 酒店為賓客舉辦了一場專屬晚宴，以表彰創意總監 Haider Ackermann。值得一提的還有我們在格施塔德與 Moncler Grenoble 一起度過的兩天山地體驗，其中包括在標誌性的 La Belle Ãpoque 列車上享用下午茶、享用私密晚餐，以及第二天在埃格利山上進行雪上活動並享用午餐。在美國，我們也在 Casa Cipriani 與 Dolce & Gabbana 舉辦了一場私密的晚宴，慶祝獨家假日膠囊系列的發布，Domenico Dolce 也出席了晚宴。

In the spirit of being a community for luxury enthusiasts, Mytheresa has intensified its outreach to high-end luxury customers with three immersive shopping experiences in Asia, the United States, and Europe. In Jilin City, we invited guests for Mytheresa's first-ever winter experience in China, combining Alpine Sport après-ski culture and a Mytheresa après-ski pop-up bar. In New York, Mytheresa partnered with Honey's Bakery for an immersive holiday gift shop experience on Madison Avenue, inviting guests to step into a world where the nostalgia of festive sweets met the sophistication of high fashion.

秉承成為奢侈品愛好者社群的精神，Mytheresa 透過在亞洲、美國和歐洲舉辦的三場沉浸式購物體驗活動，加強了對高端奢侈品客戶的推廣。在吉林市，我們邀請賓客體驗 Mytheresa 在中國的首次冬季體驗，將 Alpine Sport 的滑雪後文化與 Mytheresa 滑雪後快閃酒吧相結合。在紐約，Mytheresa 與 Honey's Bakery 合作，在麥迪遜大道打造沉浸式節日禮品店體驗，邀請顧客走進一個充滿節日甜點懷舊氣息與高級時裝精緻優雅的世界。

Finally, in St. Moritz, Switzerland, Mytheresa opened an immersive hotel-inspired space offering guests a captivating experience for four months, envisioned as a private club. The setting brings Mytheresa's world to life through trunk shows, presentations, and workshops. Please see our investor presentation for more details on these unique money-can-buy experiences.

最後，在瑞士聖莫里茨，Mytheresa 開設了一個沉浸式飯店風格的空間，為客人提供為期四個月的迷人體驗，其理念是打造一個私人俱樂部。透過巡迴展覽、演講和研討會，該活動將 Mytheresa 的世界栩栩如生地展現出來。請參閱我們的投資人簡報，以了解有關這些獨一無二的、可以用金錢買到的體驗的更多詳情。

In summary, we are extremely pleased that Mytheresa, for the third quarter in a row, delivered above-market growth, and Martin will later show how the outstanding top-line results translated into very strong bottom-line results. Let me now comment on the luxury segment comprised of NET-A-PORTER and MR PORTER.

總而言之，我們非常高興 Mytheresa 連續第三個季度實現了高於市場平均水平的成長，Martin 稍後將展示出色的營收業績是如何轉化為非常強勁的利潤業績的。現在讓我來談談由 NET-A-PORTER 和 MR PORTER 組成的奢侈品領域。

In the second quarter of fiscal year '26, we saw continued improvements as a direct result of the execution of the new strategic focus on the luxury customer seeking editorial inspiration and brand discovery, as well as a strict focus on full-price selling. This clear focus on customer and, of course, cost discipline already starts to bear fruits.

在 2026 財年第二季度，由於我們執行了新的策略重點，即關注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，我們看到了持續的改進。這種以客戶為中心，當然還有成本控制的明確做法，已經開始發揮成效。

In Q2 fiscal year '26, net sales declined by 1% versus Q2 fiscal year '25, demonstrating a clear improvement compared to the net sales decline in Q1 fiscal year '26 of minus 10.8% for NET-A-PORTER and MR PORTER combined. Europe, excluding Germany, increased by plus 14.4% in terms of net sales in Q2 fiscal year 26 compared to the prior year period.

2026 財年第二季淨銷售額較 2025 財年第二季下降 1%，與 2026 財年第一季 NET-A-PORTER 和 MR PORTER 合計淨銷售額下降 10.8% 相比，情況明顯改善。除德國以外，歐洲在 2026 財年第二季的淨銷售額比去年同期成長了 14.4%。

The overall small net sales decline is still driven by too little investments into attractive new merchandise a year ago by the previous leadership, as well as still-needed improvements in the global shipping network and stock allocation. But we can already see improved results for the new upcoming spring/summer 2026 season.

整體淨銷售額小幅下降，主要原因是前任領導層一年前對有吸引力的新商品投資不足，以及全球運輸網絡和庫存分配方面仍需改進。但我們已經可以看到即將到來的 2026 年春夏新一季的業績有所改善。

Beyond the overall net sales stabilization for NET-A-PORTER and MR PORTER combined, the average spend in terms of GMV per EIP, the so-called extremely important people, grew by plus 3.6% in Q2 fiscal year 2026 versus Q2 fiscal year 2025. The average order value last 12 months increased by an outstanding plus 13.6% to EUR861 for NET-A-PORTER and MR PORTER combined. The customer satisfaction at NET-A-PORTER, measured by our internal NPS, reached 65.3% in Q2 fiscal year 2026, increasing by plus 1,200 basis points compared to Q2 fiscal year 2025. All these KPIs point to a significantly improved health and quality of the business of NET-A-PORTER and MR PORTER.

除了 NET-A-PORTER 和 MR PORTER 合併後的整體淨銷售額趨於穩定外，2026 財年第二季度每位 EIP（即所謂的“極其重要的人”）的 GMV 平均支出比 2025 財年第二季度增長了 3.6%。過去 12 個月，NET-A-PORTER 和 MR PORTER 的平均訂單價值總計成長了驚人的 13.6%，達到 861 歐元。NET-A-PORTER 的客戶滿意度（以我們內部的 NPS 衡量）在 2026 財年第二季達到 65.3%，比 2025 財年第二季提高了 1200 個基點。所有這些關鍵績效指標都表明 NET-A-PORTER 和 MR PORTER 的業務健康狀況和品質得到了顯著改善。

In the second quarter of fiscal year 2026, NET-A-PORTER started to show high-impact digital campaigns and exclusive product launches that underlined the fashion authority and positioning of both brands. NET-A-PORTER partnered with Manolo Blahnik for an exclusive capsule inspired by and to coincide with the Marie Antoinette Style Exhibition at the V&A Museum in London. Guests were invited to a private view of the exhibition after hours hosted by Christina Blahnik herself. To coincide with the global release of the Netflix documentary, NET-A-PORTER launched an exclusive capsule with Victoria Beckham.

在 2026 財年第二季度，NET-A-PORTER 開始推出具有強大影響力的數位行銷活動和獨家產品發布，突顯了這兩個品牌的時尚權威性和定位。NET-A-PORTER 與 Manolo Blahnik 合作，推出獨家膠囊系列，其靈感源自倫敦 V&A 博物館舉辦的瑪麗安托瓦內特風格展覽，並與之同期推出。展覽關閉後，嘉賓們受邀參加由克里斯蒂娜·布拉尼克本人主持的私人預覽會。為了配合 Netflix 紀錄片的全球上映，NET-A-PORTER 與 Victoria Beckham 合作推出了獨家膠囊系列。

NET-A-PORTER also launched an exclusive party capsule with fashion brand Rabanne, amplified with a star-studded event at the Scotch London, Le Club Le Rabanne, for the night, as well as Porter cover featuring Rabanne's designer, Julienne Dossena and Victoria Faola. This fashion moment launched the party season and made it onto the cover of WWD.

NET-A-PORTER 也與時尚品牌 Rabanne 合作推出了一款獨家派對膠囊系列，並在倫敦蘇格蘭威士忌酒吧 Le Club Le Rabanne 舉辦了一場星光熠熠的晚宴，同時 Porter 雜誌還刊登了 Rabanne 設計師 Julienne Dossena 和 Victoria Faola 的封面。這時尚瞬間拉開了派對季的序幕，並登上了WWD的封面。

NET-A-PORTER also unveiled an exclusive capsule with the whole of seasonal items only available at NET-A-PORTER. Also, two private seasonal digital pop-up shops were featured with Jia Jia, Jessica McCormack, and the House of Schiaparelli, confirming NET-A-PORTER as the destination for fashion discovery and unparalleled access for its customers. Editorial excellence continued with Serena Williams as December cover star of Porter magazine, marking one of the most-viewed covers of 2025.

NET-A-PORTER 也推出了一個獨家膠囊系列，其中包含所有當季單品，僅在 NET-A-PORTER 有售。此外，NET-A-PORTER 還推出了兩家私人季節性數位快閃店，分別由 Jia Jia、Jessica McCormack 和 Schiaparelli 品牌主理，進一步鞏固了 NET-A-PORTER 作為時尚發現和為顧客提供無與倫比的購物體驗的首選平台的地位。編輯團隊的卓越表現仍在繼續，小威廉斯成為《Porter》雜誌十二月刊的封面人物，這也使該雜誌成為 2025 年瀏覽量最高的封面之一。

NET-A-PORTER also relaunched its same-day delivery service in London and New York, promising customers to shop today and wear it tonight. The relaunch, including new training and uniforms, is a core element of NET-A-PORTER's improved service commitment and was celebrated with a multi-channel holiday and gifting campaign.

NET-A-PORTER 還在倫敦和紐約重新推出了當日送達服務，承諾顧客今天購物，今晚就能穿上。此次重新推出，包括新的培訓和製服，是 NET-A-PORTER 提升服務承諾的核心要素，並透過多通路的節慶和禮品促銷活動進行慶祝。

Also, MR PORTER started to show high-impact digital campaigns and exclusive product launches. MR PORTER launched Michael Rider's debut collection for Celine as their exclusive online wholesale partner. The Solomeo exhibition, an exclusive 40-piece capsule collection with Brunello Cucinelli, also launched on MR PORTER. Further exclusive product launches included Gallery Dept., The Elder Statesman, and Moncler.

此外，MR PORTER 也開始展示高影響力的數位行銷活動和獨家產品發布。MR PORTER 作為其獨家線上批發合作夥伴，推出了 Michael Rider 為 Celine 設計的首個系列。Solomeo 展覽是與 Brunello Cucinelli 合作推出的獨家 40 件單品膠囊系列，也在 MR PORTER 上推出。其他獨家產品發表品牌包括 Gallery Dept.、The Elder Statesman 和 Moncler。

MR PORTER also created a number of unique experiences for its EIPs, including an intimate dinner to bring together New York's core menswear industry at new hotspot Wild Cherry, driving an earned reach of 6 million views across Instagram from invited guests. Brand director, Jerry Langneed; and the actor, Billy Piper, hosted a joint party upstairs at The Langdons, London. The event was strategically timed to create buzz during the busiest holiday season, and female-focused talent drove awareness as female customers account for 34% of MR PORTER's customers during gifting season. The dedicated event, Carousel on MR PORTER's Instagram, was the fourth most-viewed post of all time, with over 1.5 million views and 74% new follower engagement.

MR PORTER 也為其 EIP 打造了許多獨特的體驗，包括在新晉熱門餐廳 Wild Cherry 舉辦的一場私密晚宴，將紐約男裝行業的核心人士聚集在一起，受邀嘉賓在 Instagram 上發布了 600 萬次瀏覽量。品牌總監傑瑞·蘭尼德和演員比利·派珀在倫敦蘭頓酒店樓上聯合舉辦了一場派對。該活動經過精心策劃，旨在在最繁忙的假期季節製造話題，並邀請以女性為中心的嘉賓來提高知名度，因為在送禮季，女性顧客佔 MR PORTER 顧客的 34%。MR PORTER 在 Instagram 上舉辦的專屬活動「Carousel」是該平台有史以來觀看次數第四多的帖子，觀看次數超過 150 萬次，新粉絲互動率高達 74%。

As part of the editorial focus of MR PORTER, brand-new video franchises were launched, including Raised Wear, Behind the Brand, and three gifting video campaigns. MR PORTER also launched its winter campaigns, including Weekend Away, The Great Outdoors, and Party Wear.

作為 MR PORTER 編輯重點的一部分，我們推出了全新的影片系列，包括 Raised Wear、Behind the Brand 和三個禮品影片宣傳活動。MR PORTER 也推出了冬季系列宣傳活動，包括週末度假、戶外運動和派對服飾。

MR PORTER's journal feature on musician and writer (inaudible) drove 20,000 visits in its first week, while the video drove 1.6 million views on Instagram, making it the second-most-read talent story and viewed Instagram post in 2025. Please see our investor presentation for more details on NET-A-PORTER's and MR NET-A-PORTER's unique editorial content and campaigns.

MR PORTER 對音樂家兼作家（聽不清）的專題報導在第一周就吸引了 2 萬次訪問，而該視頻在 Instagram 上獲得了 160 萬次觀看，使其成為 2025 年閱讀量第二高的才藝故事和觀看量第二高的 Instagram 帖子。有關 NET-A-PORTER 和 MR NET-A-PORTER 的獨特編輯內容和行銷活動的更多詳情，請參閱我們的投資者簡報。

To sum it up, the second quarter has seen further sequential improvements at NET-A-PORTER and MR PORTER, demonstrating that we are making very good progress in the turnaround of both businesses under the new leadership team. Martin will later provide more details on the progress achieved in bringing the NET-A-PORTER and MR PORTER luxury segment back to profitability in the near future.

總而言之，第二季度 NET-A-PORTER 和 MR PORTER 的業績都實現了環比增長，這表明在新領導團隊的帶領下，我們在扭轉這兩個業務的頹勢方面取得了非常好的進展。Martin 稍後將提供更多關於 NET-A-PORTER 和 MR PORTER 奢侈品板塊在不久的將來恢復盈利方面所取得進展的細節。

Lastly, let me comment on YOOX performance in the second quarter of fiscal year 2026. We are pleased with the progress of the ongoing separation of the YOOX business from the luxury segment. The YOOX management has made very good progress to focus on its healthy core and operational fulfillment models that are profitable, creating a lean business model specifically tailored to the lower margin and lower AOV nature of the off-price business of YOOX.

最後，我想對 YOOX 在 2026 財年第二季的表現發表一些看法。我們對 YOOX 業務從奢侈品領域剝離的進展感到滿意。YOOX 管理層在專注於其健康的核心業務和盈利的營運模式方面取得了非常好的進展，創建了一種精簡的商業模式，專門針對 YOOX 折扣業務的低利潤率和低平均訂單價值 (AOV) 特性量身定制。

In Q2 fiscal year 2026, net sales declined by minus 7.3% versus Q2 fiscal year 2025 for YOOX, a clear improvement compared to the net sales decline in Q1 fiscal year 2026 with minus 16.6%. In Europe, including Germany, a clear geographic focus going forward: net sales already increased by plus 13.9% compared to Q2 fiscal year 2025. The overall net sales decline is mainly driven by a renewed focus on a healthy core for the YOOX business and the deprioritization of overseas markets with high cost to serve.

2026 財年第二季度，YOOX 的淨銷售額比 2025 財年第二季下降了 7.3%，與 2026 財年第一季淨銷售額下降 16.6% 相比，情況明顯好轉。在歐洲（包括德國），未來的發展重點非常明確：淨銷售額與 2025 財年第二季相比已經成長了 13.9%。整體淨銷售額下降的主要原因是公司重新專注於 YOOX 業務的健康核心，以及降低了服務成本較高的海外市場的優先順序。

While the overall net sales declined for YOOX, the top-spending customer average spend in terms of GMV grew by plus 4.1% in Q2 fiscal year 2026 versus Q2 fiscal year 2025. The average order value last 12 months continued to increase by a remarkable plus 11.4% to EUR255 in Q2 fiscal year 2026.

儘管 YOOX 的整體淨銷售額有所下降，但 2026 財年第二季度消費最高的客戶的平均消費額（按 GMV 計算）比 2025 財年第二季度增長了 4.1%。過去 12 個月的平均訂單價值持續顯著成長，2026 財年第二季成長 11.4%，達到 255 歐元。

YOOX customer satisfaction, measured by our internal NPS, reached 50.2% in Q2 fiscal year 2026, significantly up from 34.5% in Q1 fiscal year 2026 and compared to 29.9% in Q2 fiscal year 2025, showcasing significant improvements of customer service operations. All the above KPIs clearly indicate good first results of the focus on the healthy core of the YOOX business.

YOOX 的客戶滿意度（以我們內部的 NPS 衡量）在 2026 財年第二季度達到 50.2%，較 2026 財年第一季的 34.5% 和 2025 財年第二季的 29.9% 顯著提高，顯示客戶服務營運取得了顯著改善。以上所有關鍵績效指標都清楚地表明，專注於 YOOX 業務的健康核心取得了良好的初步成果。

In the second quarter of fiscal year 2026, YOOX started to also deliver on its brand promise, empowering customers not only to own the pieces they desire but to unlock valuable community moments. For the first time in many years, YOOX created an intimate holiday fashion dinner at (inaudible) iconic Nilufar Depot, in line with its holiday campaign theme. The event was designed to connect leading fashion media and key opinion leaders through culture and design embedded in the YOOX brand vision.

在 2026 財年第二季度，YOOX 也開始兌現其品牌承諾，不僅讓顧客擁有他們想要的商品，還能讓他們解鎖有價值的社群時刻。多年來，YOOX 首次在（聽不清楚）標誌性的 Nilufar Depot 舉辦了一場私密的假期時尚晚宴，以配合其假期活動的主題。本次活動旨在透過融入 YOOX 品牌願景的文化和設計，將領先的時尚媒體和關鍵意見領袖聯繫起來。

YOOX also kicked off a community-building event in Berlin through a Fashion Meets Art event hosted at the surprising NARA Gallery location. The event brought together fashion insiders, artists, and cultural tastemakers from diverse backgrounds, united by a shared passion to art and style. By blending fashion with contemporary art, YOOX created a space for meaningful connections, creative exchange, and authentic brand engagement, reinforcing YOOX's role as a cultural connector.

YOOX 也透過在柏林舉辦的「時尚邂逅藝術」活動，在令人意想不到的 NARA 畫廊舉辦了一場社區營造活動。這場活動匯集了來自不同背景的時尚界人士、藝術家和文化潮流引領者，他們都對藝術和時尚有著共同的熱情。YOOX 將時尚與當代藝術相結合，創造了一個有意義的連結、創意交流和真實的品牌互動空間，從而鞏固了 YOOX 作為文化連結者的角色。

Both events boosted engagement through community building, delightful experience, and increased the guests' emotional bond with YOOX. Please see our investor presentation for more details on these events. To sum up, the focus on a healthy core for YOOX shows first clear results and the much-improved quality and health of the business.

這兩項活動都透過社區建立和愉悅體驗提高了參與度，並增強了賓客與 YOOX 之間的情感連結。請參閱我們的投資者演示文稿，以了解有關這些活動的更多詳情。總而言之，YOOX 對健康核心的關注已經初見成效，業務的品質和健康狀況也得到了極大的改善。

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

現在，在回顧了我們所有業務的良好商業成果和強勁進步之後，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 mentioned, we're very pleased with our strong results in Q2 of our fiscal year 2026, running from October to December '25. Just eight months after the acquisition of Wineapp, we already report top-line growth on group level, with net sales growing plus 1.1% reported and plus 5.7% on a constant currency basis.

謝謝你，麥可。正如麥可所提到的，我們對 2026 財年第二季（2025 年 10 月至 12 月）的強勁業績非常滿意。在收購 Wineapp 僅八個月後，我們集團層面的營收就實現了成長，淨銷售額按報告計算增長了 1.1%，按固定匯率計算增長了 5.7%。

In addition, we are already turning profitable on group level with an adjusted EBITDA margin of plus 2%. All three segments improved the performance versus the prior year quarter on top and bottom line. Our cost initiatives are effective with decreasing SG&A cost ratios, and we were able to report strong operational cash flow of plus EUR118.5 million in the quarter. All these underline the success of our transformation plan and is fully in line with our expectations.

此外，集團層級已實現獲利，調整後 EBITDA 利潤率達 2%。三個業務板塊的營收和利潤均較上年同期成長。我們的成本控制措施有效降低了銷售、一般及行政費用比率，本季我們實現了強勁的營運現金流，達到 1.185 億歐元。所有這些都凸顯了我們轉型計畫的成功，完全符合我們的預期。

As a reminder, we are targeting EUR4 billion in sales and an adjusted EBITDA margin of 7% to 9% medium term. As planned, we expect to close the sale of the outlet in the current quarter, and our off-price business is now fully focused on the YOOX turnaround. The sale of the outlet will not have any effect on our segment and group reporting, as it has already been classified as discontinued operations.

再次提醒大家，我們的中期目標是實現 40 億歐元的銷售額和 7% 至 9% 的調整後 EBITDA 利潤率。按計劃，我們預計將在本季度完成該門市的出售，我們的折扣業務現在完全專注於 YOOX 的扭虧為盈。該門市的出售不會對我們的分部和集團報告產生任何影響，因為它已被歸類為終止經營業務。

Let me first review LuxExperience performance at group level. I will then walk you through the performance of our three segments: Luxury Mytheresa, Luxury NET-A-PORTER & MR PORTER, and the off-price business of YOOX in more detail, and give an update on guidance. Unless otherwise stated, all numbers refer to euro.

首先讓我回顧一下 LuxExperience 在集團層面的表現。接下來，我將更詳細地向大家介紹我們三個業務板塊的業績：奢侈品 Mytheresa、奢侈品 NET-A-PORTER 和 MR PORTER，以及折扣業務 YOOX，並給出最新的業績指引。除非另有說明，否則所有數字均指歐元。

For Q2 fiscal year 2026, and for the first time since the acquisition of Wineapp three quarters ago, we are already reporting top-line growth on group level. On group level, net sales grew plus 1.1% reported and plus 5.7% on a constant currency basis. On GMV, plus 0.2% reported in the quarter and plus 4.7% growth on a constant currency basis. This is a clear acceleration relative to Q4 with minus 5.3% year-over-year and Q1 with minus 4.3% year-over-year GMV decline.

2026 財年第二季度，自三個季度前收購 Wineapp 以來，我們首次實現了集團層面的營收成長。集團層面，淨銷售額按報告匯率計算成長 1.1%，以固定匯率計算成長 5.7%。GMV方面，本季報告成長0.2%，以固定匯率計算成長4.7%。與第四季同比下降 5.3% 和第一季同比下降 4.3% 相比，這是一個明顯的加速。

In the first six months of fiscal year 2026, LuxExperience had a GMV of EUR1,274 million and net sales of EUR1,202 million. Our SG&A transformation initiatives are clearly visible at group level. Compared to the preceding Q1 of fiscal year 2026, the SG&A cost ratio decreased 270 basis points from 21.8% to now 19.1% in Q2 fiscal year 2026.

在 2026 財年的前六個月，LuxExperience 的商品交易總額為 12.74 億歐元，淨銷售額為 12.02 億歐元。我們的銷售、管理及行政費用轉型措施在集團層級已清晰可見。與 2026 財年第一季相比，2026 財年第二季銷售、一般及行政費用率下降了 270 個基點，從 21.8% 降至 19.1%。

For the first time since the acquisition of Wineapp, we achieved a positive adjusted EBITDA on group level with an adjusted EBITDA margin at plus 2%. Both the top and bottom line show clear signs of progress in our ongoing transformation and are fully in line with our expectations.

自收購 Wineapp 以來，我們首次在集團層級實現了正的調整後 EBITDA，調整後 EBITDA 利潤率為 2%。營收和利潤都明顯顯示出我們正在進行的轉型取得了進展，完全符合我們的預期。

Operating cash flow of the LuxExperience group was a positive EUR118.5 million, driven by the underlying seasonality in our business. For the first half of fiscal year 2026, operating cash burn was only at minus EUR30 million. In Q3 of fiscal year 2026, we expect that the cash effects of our layoff program will be visible. This will come in addition to the seasonality of our business. We, therefore, expect a negative operating cash flow in Q3.

LuxExperience 集團的營運現金流為正 1.185 億歐元，這主要得益於我們業務的季節性因素。2026 財年上半年，經營現金消耗僅負 3,000 萬歐元。我們預計，在 2026 財年第三季度，我們的裁員計畫的現金流量影響將會顯現。除了業務的季節性因素外，這還會帶來其他影響。因此，我們預期第三季經營現金流為負。

For the full fiscal year 2026, we expect operating cash burn to stay well below EUR150 million, given fiscal year 2026 as a key transition year for our transformation plan. As a reminder, we're 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 two years.

鑑於 2026 財年是我們轉型計畫的關鍵過渡年，我們預計 2026 財年全年的營運現金消耗將遠低於 1.5 億歐元。再次提醒大家，我們的轉型計畫是在資金充足的情況下執行的，轉型計畫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。我們預計兩年內營運現金流將達到收支平衡。

The group ended Q2 of fiscal year 2026 with cash and cash financial investments of in total EUR543.6 million. Together with our non-utilized revolving credit facilities, our total available funds are at EUR724.2 million. We are in an ideal situation to operate the fully funded transformation and our growing business model completely debt-free.

截至 2026 財年第二季末，該集團持有的現金及現金金融投資總額為 5.436 億歐元。加上我們未使用的循環信貸額度，我們的可用資金總額為 7.242 億歐元。我們目前處於理想的狀態，可以完全無債務地經營資金充足的轉型項目和不斷發展的業務模式。

Given the seasonality in our business, Q2 is typically a strong quarter. The performance in Q2 underlines the success of our transformation plan fully in line with our expectations. We confirmed our medium-term targets of EUR4 billion in net sales and an adjusted EBITDA margin of 7%-9%.

鑑於我們業務的季節性特點，第二季通常是業績強勁的季度。第二季的業績充分體現了我們轉型計畫的成功，完全符合我們的預期。我們確認了中期目標，即淨銷售額達到 40 億歐元，調整後 EBITDA 利潤率為 7%-9%。

Let's now review the performance of our Mytheresa business. During the second quarter of fiscal year 2026, GMV grew by plus 9.9% to EUR268.9 million compared to the prior year period. On a constant currency basis, GMV grew by plus 12.7% year-over-year. Net sales grew to EUR242.7 million in the quarter, representing a plus 8.8% increase. On a constant currency basis, net sales growth is at plus 11.6%.

現在讓我們來回顧一下Mytheresa業務的業績。2026 財年第二季度，GMV 較上年同期成長 9.9%，達到 2.689 億歐元。以固定匯率計算，GMV年增12.7%。本季淨銷售額成長至 2.427 億歐元，增幅達 8.8%。以固定匯率計算，淨銷售額成長11.6%。

We continue to significantly take share in an overall soft market. In Q2, Mytheresa's gross margin increased by 140 basis points to 52.3% as compared to 50.9% in the prior year period. We were able to, again, significantly increase the gross profit margin while growing top-line double-digit. Main driver was our continuous effort to increase the full-price share.

在整體疲軟的市場環境下，我們持續大幅提升市場佔有率。第二季度，Mytheresa 的毛利率較上年同期成長 140 個基點，達到 52.3%，而去年同期為 50.9%。我們再次實現了毛利率的大幅提升，同時營收也實現了兩位數的成長。主要驅動因素是我們不斷努力提高全價銷售佔比。

Given the new US tariff situation, in Q2 of the fiscal year, the shipping and payment cost ratio was up 150 basis points compared to Q2 of fiscal year 2025, but at similar levels compared to the previous quarter. As we pay all duties for our US customers, the cost increase for us is reflected in our shipping and payment cost ratio. If you excluded the duties cost, the shipping and payment cost ratio decreased by 90 basis points from 8.5% to 7.6% compared to Q2 of fiscal year 2025. Main drivers of this improved cost ratio were higher AOVs and lower negotiated shipping fees based on higher group volumes.

鑑於美國新的關稅情勢，本財年第二季的運輸和支付成本比率比 2025 財年第二季上升了 150 個基點，但與上一季相比處於相似水準。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。如果排除關稅成本，運輸和支付成本比率較 2025 財年第二季下降了 90 個基點，從 8.5% 降至 7.6%。成本比率改善的主要驅動因素是更高的平均訂單價值 (AOV) 和基於更高訂單量協商的更低運費。

Same as in the previous quarters, the overall increase in the shipping and payment cost ratio in the P&L is offset by an increase in our gross profit margin. In Q2 of fiscal year 2026, the marketing cost ratio decreased by 70 basis points from 12.3% in Q2 of fiscal year 2025 to 11.6%.

與前幾季一樣，損益表中運輸和支付成本比率的整體成長被毛利率的成長所抵銷。2026 財年第二季度，行銷成本率從 2025 財年第二季的 12.3% 下降了 70 個基點至 11.6%。

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. Our executed cost savings measures are visible in the selling general and administrative SG&A cost ratio decreasing by 220 basis points to 11.7% compared to the prior year quarter. SG&A expenses on absolute numbers decreased by minus 7.7% compared to the previous year quarter, and the cost ratio further 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。我們已實施的成本節約措施在銷售、一般及行政（SG&A）成本比率中得到了體現，與上年同期相比，SG&A成本比率下降了220個基點，至11.7%。銷售、一般及行政費用絕對值較上年同期下降了 7.7%，而強勁的營收成長進一步降低了成本率。

Subsequently, the adjusted EBITDA margin expanded by 200 basis points during the quarter to 9.3% as compared to 7.3% in the prior year period. Adjusted EBITDA grew by EUR6.4 million versus the prior year quarter, to EUR22.6 million in Q2 of fiscal year 2026. Just as a reminder, due to the seasonality of our business, our fiscal Q2 is always a very strong quarter.

隨後，本季調整後的 EBITDA 利潤率較上年同期成長 200 個基點，達到 9.3%，而上年同期為 7.3%。2026 財年第二季調整後 EBITDA 較上年同期成長 640 萬歐元，達 2,260 萬歐元。再次提醒大家，由於我們業務的季節性特點，我們的第二財季通常都是業績非常強勁的季度。

For the first six months of our fiscal year, the adjusted EBITDA margin significantly improved from 4.5% to 6.5%. We are continuing our effective inventory management with inventory levels at Mytheresa down -2.5% compared to previous year despite double-digit top-line growth.

在本財年的前六個月，調整後的 EBITDA 利潤率從 4.5% 顯著提高到 6.5%。儘管營收實現了兩位數成長，但我們仍保持著有效的庫存管理，Mytheresa 的庫存水準比上年下降了 2.5%。

Let me now comment on the Luxury NET-A-PORTER and MR PORTER segment in more detail. In the second quarter of our fiscal year 2026, GMV only declined by minus 1.9% to EUR290.7 million. This was a strong sequential recovery compared to the minus 10.8% GMV decline year-over-year in the preceding Q1 of fiscal year 2026. On a constant currency basis, GMV even increased by plus 4.9% in the quarter.

現在讓我更詳細地談談奢侈品電商平台NET-A-PORTER和MR PORTER。在 2026 財年第二季度，GMV 僅下降了 1.9%，至 2.907 億歐元。與 2026 財年第一季 GMV 同比下降 10.8% 相比，這是一個強勁的環比復甦。以固定匯率計算，本季 GMV 甚至成長了 4.9%。

Net sales were at EUR277.1 million, a minus 1% decline year-over-year. Also at net sales level, a strong sequential recovery from the -10.8% net sales decline in the preceding Q1. On a constant currency basis, net sales grew plus 6% year-over-year in Q2 of fiscal year 2026.

淨銷售額為2.771億歐元，較去年同期下降1%。淨銷售額方面，也實現了強勁的環比復甦，扭轉了上一季淨銷售額下降 10.8% 的局面。以固定匯率計算，2026 財年第二季淨銷售額年增 6%。

The new leadership team is working on improving the current and upcoming season's buying volumes and aligning the subsequent marketing strategy to re-embark on top-line growth again. We expect to see continued GMV and net sales growth in the second half of this fiscal year. The gross profit margin in Q2 of fiscal year 2026 decreased to 46.1% due to one-time effects in the previous year. Excluding this effect, the underlying operative gross margin was stable compared to the previous year quarter.

新的領導團隊正在努力提高當前和即將到來的銷售季的採購量，並調整後續的行銷策略，以重新實現營收成長。我們預計本財年下半年GMV和淨銷售額將持續成長。由於上一年的一次性影響，2026 財年第二季的毛利率下降至 46.1%。剔除此影響後，基本營運毛利率與去年同期相比保持穩定。

Core focus of our transformation plan is to bring down the SG&A cost ratio. The SG&A cost ratio in this quarter was at 22.7% of GMV, significantly down from 27.6% in the previous quarter. It was also down compared to Q2 of previous year at 23.8% if you include capitalized IT development costs. With the communicated layoff program now being executed, we will see more significant effects in Q3 and Q4 of this fiscal year.

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。本季銷售、管理及行政費用佔商品交易總額的 22.7%，較上一季的 27.6% 大幅下降。如果將資本化的 IT 開發成本計算在內，該數字也比上年第二季下降了 23.8%。隨著已公佈的裁員計畫開始執行，我們將在本財年的第三季和第四季看到更顯著的影響。

The 22.7% SG&A cost ratio in this quarter compares to the 11.7% at Mytheresa and signals the more than 1,000 basis points opportunity for us to achieve significant cost savings. We will continue to bring down this difference with adjusting the operating model, the IT replatforming, corporate overhead cost savings, and re-embarking on top-line growth. Warehouse closures are executed, and the delivery models are being adjusted. Studio and customer care operations have already been consolidated. The unified data platform is fully protected, and the overall IT replatforming is being executed according to plan and without a single delay.

本季 SG&A 成本比率為 22.7%，而 Mytheresa 為 11.7%，這表明我們有超過 1000 個基點的機會實現顯著的成本節約。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一差距。倉庫關閉措施正在執行，配送模式正在調整。工作室和客戶服務部門已經整合完畢。統一資料平台受到全面保護，整體 IT 平台重構工作正按計畫進行，沒有任何延誤。

The layoff programs in all jurisdictions are now fully concluded, with effects visible in Q3 and Q4 of fiscal year 2026. In sum, our comprehensive turnaround plan until fiscal year 2028 is being executed diligently and fully in line with our expectations.

所有地區的裁員計畫現已全部結束，其影響將在 2026 財年的第三季和第四季顯現。總之，我們到 2028 財年的全面扭虧為盈計畫正在認真執行，並且完全符合我們的預期。

The NAP, MR P segment already almost broke even in the quarter with an adjusted EBITDA margin at minus 0.7%. Therefore, also on bottom line is significant sequential improvement from the minus 6.9% adjusted EBITDA margin in the preceding Q1 of fiscal year 2026. This improvement clearly highlights the impact of our actions so far to strengthen profitability.

NAP、MR P 業務部門在本季已基本達到收支平衡，調整後的 EBITDA 利潤率為 -0.7%。因此，從最終結果來看，與 2026 財年第一季 -6.9% 的調整後 EBITDA 利潤率相比，季比有了顯著改善。這項改進清楚地表明了我們迄今為止為提高獲利能力所採取的行動所取得的成效。

At the same time, our quarterly performance is subject to the typical seasonality of our business, with Q2 and Q4 generally stronger and Q1 and Q3 generally weaker. With the full 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 medium-term, with a targeted adjusted EBITDA margin of plus 7% to 9% medium-term. Inventory levels at NET-A-PORTER MR PORTER are down -3.8% to previous year, and we will continue to enable top-line growth at NET-A-PORTER MR PORTER with adequate working capital and improvements in the global shipping network and stock allocation.

同時，我們的季度業績會受到業務典型季節性的影響，第二季和第四季通常表現較強，而第一季和第三季通常表現較弱。隨著轉型計劃的全面實施和銷售、一般及行政費用率的降低，我們預計 NAP、MR P 業務板塊在中期內將達到與 Mytheresa 業務板塊相當的盈利水平，中期調整後 EBITDA 利潤率目標為 7% 至 9%。NET-A-PORTER MR PORTER 的庫存水準比上年下降了 3.8%，我們將繼續透過充足的營運資金以及全球航運網絡和庫存分配的改進，推動 NET-A-PORTER MR PORTER 的營收成長。

Let me now review the financial performance of the off-price business of YOOX. In line with our transformation plan at YOOX, we are focusing on the healthy core of the business, deprioritizing overseas markets with high cost reserve, discontinuing the unprofitable marketplace model, and implementing a lean operating model supported by a simplified off-price tech environment. Also at YOOX, a significant improvement in top-line performance.

現在讓我來回顧YOOX折扣業務的財務表現。根據 YOOX 的轉型計劃，我們專注於業務的健康核心，降低對成本儲備較高的海外市場的重視程度，停止無利可圖的市場模式，並實施由簡化的折扣技術環境支持的精益運營模式。YOOX 的頂級業績也得到了顯著提升。

Continuing the path of a more comprehensive restructuring effort at YOOX and with focus on profitable customer cohorts, GMV declined -12.1% in Q2 year-over-year to EUR125.3 million compared to -19.3% in Q1 year-over-year. On a constant currency basis, GMV only declined -9.4% in the quarter. Net sales were also at EUR125.3 million, a -7.5% decline year-over-year.

YOOX 繼續推進更全面的重組工作，並專注於盈利的客戶群，第二季度 GMV 同比下降 12.1% 至 1.253 億歐元，而第一季同比下降 19.3%。以固定匯率計算，本季 GMV 僅下降了 9.4%。淨銷售額為 1.253 億歐元，較去年同期下降 7.5%。

Also at net sales level, strong sequential recovery from the -16.6% net sales decline in the preceding Q1. On a constant currency basis, net sales declined only by -4.6% in Q2 year-over-year. This significant sequential improvement clearly indicates good first results of the focus on the healthy core of the YOOX business and on European markets and also includes the effect of discontinuing the unprofitable marketplace model.

淨銷售額方面，也實現了強勁的環比復甦，扭轉了上一季淨銷售額下降 16.6% 的局面。以固定匯率計算，第二季淨銷售額年減 4.6%。這一顯著的連續改善清楚地表明，專注於 YOOX 健康的核心業務和歐洲市場取得了良好的初步成果，同時也體現了停止無利可圖的市場模式所帶來的影響。

With the focus of YOOX on the European customer and despite increasing US duty rates, the shipping and payment cost ratio stayed mostly stable, only increasing 30 basis points from 14.5% in Q2 of fiscal year 2025 to 14.8% in Q2 fiscal year 2026. As Michael mentioned, the operational focus of YOOX is on a fulfillment model that is profitable, creating a lean business model specifically tailored to the lower gross margin and lower AOV nature of the off-price business of YOOX.

儘管 YOOX 專注於歐洲客戶，且美國關稅稅率不斷上漲，但其運輸和支付成本比率基本上保持穩定，僅從 2025 財年第二季度的 14.5% 增長到 2026 財年第二季度的 14.8%，增幅為 30 個基點。正如邁克爾所提到的，YOOX 的營運重點是盈利的履行模式，從而打造一種精益的商業模式，專門針對 YOOX 折扣業務較低的毛利率和較低的平均訂單價值 (AOV) 特點量身定制。

The core focus of our turnaround plan is to bring down the SG&A cost ratio also at YOOX. The SG&A cost ratio in this quarter was at 26.9% of GMV, down from 29% in the previous quarter. On an absolute level, SG&A expenses in Q2 of fiscal year 2026 decreased by EUR4.6 million or -12.1% compared to previous year Q2 if you included all the IT development costs. This was achieved despite the stranded costs from the separation of the outlet. With the communicated layoff program now being executed, we will also see more significant effects in Q3 and Q4 of this fiscal year.

我們扭虧為盈計畫的核心重點是降低 YOOX 的銷售、一般及行政費用比率。本季銷售、管理及行政費用佔商品交易總額的 26.9%，低於上一季的 29%。若將所有 IT 開發成本都計算在內，2026 財年第二季的銷售、一般及行政費用絕對值比上年同期減少了 460 萬歐元，降幅為 12.1%。儘管分離門市會產生一些額外成本，但最終還是實現了這個目標。隨著已公佈的裁員計畫開始執行，我們將在本財年的第三季和第四季看到更顯著的影響。

We are significantly consolidating warehouse, studio, and customer care operations. The tech legacy cleanup and simplification is going well and with full speed. Corporate costs are trimmed down and aligned to a lean business model. With a focus on healthy European targeted growth, the SG&A cost ratio will continue to decrease to the targeted levels. During the second quarter of fiscal year 2026, the adjusted EBITDA margin improved significantly from -18.1% in Q1 of fiscal year 2026 to now -6% in Q2 of fiscal year 2026. With the execution of our defined transformation measures, we expect to return to adjusted EBITDA profitability of YOOX in 12-15 months and return to top-line growth already in fiscal year 2027. Inventory levels at YOOX are -8% to previous year.

我們正在大幅整合倉庫、工作室和客戶服務業務。技術遺留系統的清理和簡化工作進展順利，並且正在全速進行。公司成本被削減，符合精實商業模式。著眼於歐洲市場的穩健成長，銷售、管理及行政費用比率將持續下降至目標水準。2026 財年第二季度，調整後的 EBITDA 利潤率從 2026 財年第一季的 -18.1% 大幅改善至 2026 財年第二季的 -6%。透過執行我們制定的轉型措施，我們預計 YOOX 將在 12-15 個月內恢復調整後 EBITDA 獲利，並在 2027 財年恢復營收成長。YOOX的庫存水準比前一年下降了8%。

Given our H1 of fiscal year 2026 performance fully in line with our expectations and with more visibility in the ongoing full fiscal year, we would like to provide an update on guidance for our full fiscal year expectations. With the implementation of our transformation plan executed in line with our targets, we narrow the ranges of our existing guidance for the full fiscal year 2026. For the full fiscal year 2026, we now expect GMV and net sales between EUR2.5 billion-EUR2.7 billion, previously EUR2.4 billion to EUR2.7 million, and an adjusted EBITDA margin of -1% to +1%, previously -2% to +1%. With the underlying seasonality in our business, we expect Q3 softer than Q4, with Mytheresa growing high single digit in H2 and full fiscal year 2026. For the luxury business of NET-A-PORTER and MR PORTER.

鑑於我們 2026 財年上半年的業績完全符合預期，並且隨著整個財年的持續發展，前景更加明朗，我們想就整個財年的預期提供最新指引。隨著轉型計畫的實施，並按照我們的目標順利完成，我們縮小了 2026 財年全年業績指引的範圍。我們現在預計 2026 財年總交易額和淨銷售額將在 25 億歐元至 27 億歐元之間（此前預計為 24 億歐元至 27 億歐元），調整後 EBITDA 利潤率為 -1% 至 +1%（此前預計為 -2% 至 +1%）。鑑於我們業務的季節性因素，我們預計第三季業績將弱於第四季度，Mytheresa 將在下半年和 2026 財年實現高個位數成長。適用於 NET-A-PORTER 和 MR PORTER 的奢侈品業務。

P., we expect positive growth rates towards the end of the fiscal year and therefore expect in sum a low single digit GMV decline for the full fiscal year 2026. For the off-price business of YOOX, we expect top-line to further moderate through H2 of fiscal year 2026 with overall low teens top-line decline. Our medium-term targets remain unchanged with our EUR4 billion net sales target at an adjusted EBITDA profitability of +7%-9% and to return to 10%-15% annual growth rates. We will continue our track record of diligently executing our plans and delivering what we target.

P.，我們預計本財年末將出現正成長率，因此預計 2026 財年全年 GMV 將出現個位數低幅下降。對於 YOOX 的折扣零售業務，我們預計到 2026 財年下半年，營收將進一步放緩，整體營收將出現兩位數左右的下滑。我們的中期目標保持不變，淨銷售額目標為 40 億歐元，調整後 EBITDA 獲利能力為 +7%-9%，並​​恢復到 10%-15% 的年增長率。我們將繼續保持以往的良好記錄，認真執行計劃，實現目標。

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 extremely pleased with our second quarter of fiscal year 2026 earnings results. LuxExperience has delivered strong results and improvements across all three segments and is fully on track with its transformation plan targets confirmed by the strong second quarter. The turnaround at YNAP has clearly started while Mytheresa continues to deliver remarkable above-market results. The continued outstanding performance of Mytheresa demonstrates our proven ability to drive profitable growth in digital luxury. The secret sauce is now applied to our new businesses.

謝謝你，馬丁。我們對2026財年第二季的獲利結果非常滿意。LuxExperience 在所有三個業務部門都取得了強勁的業績和進步，並且完全按照其轉型計劃目標穩步前進，強勁的第二季度業績證實了這一點。YNAP 的業績明顯開始好轉，而 Mytheresa 也持續取得遠超市場平均水準的優異表現。Mytheresa持續優異的表現證明了我們在推動數位奢侈品領域獲利成長方面擁有強大的實力。現在，我們將這套秘訣應用到了我們的新業務中。

Overall, LuxExperience is perfectly positioned to benefit from the sustained growth of digital luxury and the ongoing consolidation within the sector, allowing us to capitalize on significant market opportunities. We are fully committed to being a reliable partner operationally, strategically, and financially for all our partners. We will continue to generate significant value for our customers, brand partners, and shareholders.

總體而言，LuxExperience 已做好充分準備，能夠從數位奢侈品的持續成長和產業內的持續整合中受益，從而抓住重要的市場機會。我們致力於在營運、策略和財務方面成為所有合作夥伴值得信賴的夥伴。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。

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) Oliver Chen, TD Cowen.

（操作說明）Oliver Chen，TD Cowen。

Hi. Thank you, Michael and Martin. Really nice results all around. On the revenue side, they were better. Which regions or divisions were better than you expected, and how would you contrast how Europe looks relative to the nice momentum you're seeing in the Americas? Also, on the 140 basis points at Mytheresa, are you expecting full-price selling to continue to fuel gross margin expansion going forward there? And what should we know about the base case for what's included in guidance for shipping as well? And would love your take on the main drivers of raising the low end of guidance as well.

你好。謝謝邁克爾和馬丁。各方面結果都非常好。從收入方面來看，他們表現更好。哪些地區或分區的發展超出了您的預期？您如何看待歐洲與美洲地區良好的發展動能之間的對比？另外，關於 Mytheresa 的 140 個基點，您是否預期全價銷售將繼續推動其毛利率在未來擴張？那麼，關於運輸指南中包含的基本情況，我們該了解些什麼呢？另外，我很想聽聽您對提高業績指引下限的主要驅動因素的看法。

And finally, on the SG&A cost ratios, you made a lot of progress there. What's been easier versus harder in terms of lower-hanging fruit versus longer-term as you manage that? And how are you balancing the SG&A strategy relative to continuing to offer great customer-facing service? Thank you.

最後，在銷售、一般及行政費用比率方面，你們取得了很大進展。就短期目標和長期目標而言，你覺得哪些比較容易實現，哪些比較難實現？您是如何平衡銷售、管理及行政費用策略與繼續提供優質客戶服務之間的關係的？謝謝。

Thank you, Oliver. A whole battery of questions, so let me try to cover them and then hand over to Martin for some of the guidance and margin questions. So region, as explained, YOOX focuses on Europe. Sees good traction, 14% growth. So Europe is really a good market for the off-price market sector. NET-A-PORTER, Mytheresa, we, of course, have good opportunities in the US. Mytheresa has seized them. 25% growth in the US for Mytheresa in the second quarter in constant currency, even over 30%. So we see strengths in the US, and we believe it will continue, and we see good strengths in Europe. Asia is a mixed story, but I also always want to stress the Arabic Peninsula as good opportunities for growth. In terms of full-price selling, we have seen now many quarters of increased gross margin thanks to increasing the share of full price.

謝謝你，奧利佛。問題很多，讓我先回答一下，然後把一些指導和利潤率的問題交給 Martin 來解答。因此，如前面所解釋的，YOOX 主要專注於歐洲市場。市場反應良好，成長14%。所以歐洲對於折扣零售市場來說確實是一個很好的市場。NET-A-PORTER、Mytheresa，當然，我們在美國有很多好機會。Mytheresa已經抓住了這些機會。 Mytheresa第二季在美國的業績以固定匯率計算成長了25%，甚至超過30%。所以我們看到了美國的優勢，我們相信這種優勢會持續下去，我們也看到了歐洲的良好優勢。亞洲的情況比較複雜，但我始終想強調阿拉伯半島是很好的成長機會之地。就全價銷售而言，由於全價銷售份額的增加，我們已經連續多個季度實現了毛利率的成長。

We still believe, also looking at historical numbers, that we can continue to increase the full-price share until we get back to sort of the normal that we have seen before COVID. So there is still room to improve, and we expect to continue to improve. On the SG&A, I mean, obviously, there are some structural changes that will take time, particularly technology. But on operations, consolidating warehouses, consolidating customer care centers, consolidating photo studios, we have actually progressed enormously quickly and have already closed warehouses, pulled all photo studios in Milan. So we're making good progress, but I can assure you we have taken more actions than what is visible in the bottom line still because some of them have time lags. So we are well on track.

我們仍然相信，從歷史數據來看，我們可以繼續提高全價份額，直到恢復到新冠疫情之前的正常水平。因此，我們仍有改進的空間，我們也期待繼續改進。關於銷售、一般及行政費用，我的意思是，很顯然，一些結構性的變化需要時間，特別是技術方面的變化。但在營運方面，例如整合倉庫、整合客戶服務中心、整合攝影工作室，我們實際上取得了巨大的進展，已經關閉了倉庫，撤出了米蘭的所有攝影工作室。所以我們正在取得良好進展，但我可以向你保證，我們採取的行動比最終結果所顯示的要多得多，因為其中一些行動存在時間滯後。所以，我們一切進展順利。

The whole transformation, the whole turnaround will take until end of 2027, but well on track, and that's why we confirmed today our medium-term target of 7%-9%. And maybe for some of the guidance and shipping questions, Martin?

整個轉型和扭轉局面將持續到 2027 年底，但進展順利，因此我們今天確認了 7%-9% 的中期目標。馬丁，或許可以就一些指導和運輸問題提供一些建議？

Yeah. Happy to answer. So I mean, the overall profitability in H2 is expected to be around the same level at Mytheresa as we saw in H1, so the 6.5%. In the previous year, H2, we had 5.2%. So it's exactly as you call out. You always have to compare Q1 and Q2, the weaker quarter and the strong quarter, the same logic on Q3 and Q4.

是的。樂意解答。所以我的意思是，預計 Mytheresa 下半年的整體獲利能力將與上半年的水平大致相同，即 6.5%。上一年下半年，我們的成長率為 5.2%。所以，正如你所喊的。你必須始終比較第一季和第二季度，即業績較弱的季度和業績較強的季度，第三季度和第四季度也是如此。

On the shipping and payment cost ratio, the duties are all included, and we see a stable trend in Q1 and Q2. So this will continue, and therefore, the improved profitability at the Mytheresa segment to an expected overall around 6.5% adjusted EBITDA margin is driven by the increase in the gross profit, exactly what Michael said, on continuing to increase the full-price share and therefore seeing improvements in the gross profit margin.

從運輸和支付成本比率來看，關稅全部包含在內，我們看到第一季和第二季呈現穩定趨勢。因此，這種情況將會持續下去，Mytheresa 業務部門獲利能力的提高，預計整體調整後 EBITDA 利潤率將達到 6.5% 左右，這主要得益於毛利的成長，正如 Michael 所說，全價份額的持續成長將帶來毛利率的改善。

Okay. And on the revenue side, which one beat relative to expectations, or what should we know about how revenue trended relative to your guidance this quarter?

好的。在營收方面，哪一項業績超出了預期？或者說，關於本季營收趨勢與您給出的預期相比如何，我們應該了解些什麼？

I mean, the overall revenue guidance is also triggered, I mean, by all three segments. So we saw in H1 at Mytheresa a +11.6% GMV growth. And so we guide towards a high single-digit top-line revenue guidance for Mytheresa in the second half and therefore a high single digit for the full fiscal year. But we see a very strong continuous trend at Mytheresa. So this is really a huge strength at Mytheresa. And that, MR PORTER, and Michael called it out, is driven by now improved buying volumes, aligning marketing, and improving the stock allocation. And therefore, we expect in the later part of H2 also top-line growth at NET-A-PORTER and MR PORTER, and therefore expect for the full fiscal year a low single decline. But the sequential improvement that we see on top-line really shows and now will continue at MR PORTER.

我的意思是，整體營收預期也是由這三個業務板塊共同決定的。因此，我們在Mytheresa上半年看到了11.6%的GMV成長。因此，我們預計 Mytheresa 下半年營收將達到高個位數成長，整個財年營收也將達到高個位數成長。但我們看到Mytheresa呈現出非常強勁的持續成長趨勢。所以這確實是Mytheresa的一大優勢。正如 MR PORTER 和 Michael 所指出的那樣，這得益於購買量的增加、行銷策略的調整以及庫存配置的改善。因此，我們預計下半年NET-A-PORTER和MR PORTER的營收也將實現成長，因此預計整個財年將出現小幅下滑。但我們看到的營收連續成長確實有所體現，而且這種成長勢頭將在 MR PORTER 繼續下去。

At YOOX, it takes a bit longer with the focus on the healthy core of the customer, with a focus on Europe and moving out of the unprofitable marketplace model. Therefore, we see low teens decline in net sales for the second half and for the overall fiscal year. The top-line development also mirrors the transformation plan and is fully aligned with the expectations.

在 YOOX，由於專注於客戶的健康核心，專注於歐洲市場並擺脫無利可圖的市場模式，因此需要更長的時間。因此，我們預計下半年和整個財年的淨銷售額將出現兩位數左右的下降。整體發展情況也與轉型計劃相符，完全符合預期。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Thanks and congrats on a nice quarter.

謝謝，也恭喜你們本季業績出色。

Thank you, Matt.

謝謝你，馬特。

Michael, with the seismic shifts that you cited in the luxury sector, could you speak to how your portfolio is positioned today, maybe offensive initiatives that you've put into place to capitalize on market share globally and new customer acquisition?

邁克爾，鑑於你提到的奢侈品行業的巨大變化，你能否談談你目前的投資組合定位，以及你為了在全球範圍內擴大市場份額和獲取新客戶而採取的積極舉措？

I mean, obviously, with its fine-tuned machine, Mytheresa is best positioned to take advantage of these opportunities. And as we highlighted in West's presentation, it's now the second quarter where we grew over 20% in the US, at constant currency over 30%. So we are taking market share in the United States. We win customers. We increase our share of wallet with existing customers. But NET-A-PORTER and MR PORTER are absolutely well-positioned as well. They have actually even stronger brand awareness and brand appreciation in the US. They are not as finely tuned yet. There's still work to be done. But with Wales operations out of Jersey being able to deliver same day in Greater Manhattan, there's real opportunity also for NET-A-PORTER and MR PORTER.

我的意思是，很顯然，憑藉其精心調校的機制，Mytheresa 最有能力抓住這些機會。正如我們在韋斯特的演講中所強調的那樣，這已經是我們連續第二個季度在美國實現了超過 20% 的增長，按固定匯率計算更是超過了 30%。因此，我們正在美國市場搶佔份額。我們贏得了客戶。我們提高了現有客戶的錢包份額。但NET-A-PORTER和MR PORTER的市場地位也絕對非常有利。實際上，他們在美國的品牌知名度和品牌認可度甚至更高。它們尚未經過精細調整。還有一些工作要做。但由於威爾斯在澤西島的營運能夠當天將商品送達大曼哈頓地區，NET-A-PORTER 和 MR PORTER 也迎來了真正的機會。

As we come with fall/winter, with a new season buy, completely done by our new teams, we will see real good performance by NET-A-PORTER and MR PORTER in the US in Q3, Q4. It's all about presenting the best selection, presenting the best curation, having the product that customers are looking for. At a global level, we are positioned as the one partner for brands for full-price selling, for a differentiated tone of voice. That's how we see ourselves, and that's what we strive to be.

隨著秋季和冬季的到來，以及我們新團隊完成的新一季採購，我們將在第三季和第四季看到 NET-A-PORTER 和 MR PORTER 在美國取得非常好的業績。一切都是為了呈現最佳選擇，呈現最佳甄選，提供顧客正在尋找的產品。在全球範圍內，我們被定位為品牌進行全價銷售、打造差異化品牌語調的唯一合作夥伴。這就是我們看待自己的方式，也是我們努力成為的方式。

Great. And then Martin, as a follow-up...

偉大的。然後，馬丁接著說…

Grace Smalley, Morgan Stanley.

葛蕾絲‧史莫利，摩根士丹利。

Sorry. Was Matt cut off, or...

對不起。馬特的通話被切斷了嗎？還是…

Sorry. I didn't hear anything from Matt.

對不起。我沒收到馬特的任何消息。

Yeah. I had a follow-up question. Maybe you can bring it back, and we first do Morgan Stanley.

是的。我還有一個後續問題。或許你可以把它帶回來，我們先從摩根士丹利開始。

Grace Smalley, Morgan Stanley.

葛蕾絲‧史莫利，摩根士丹利。

Hi, everyone. It's Grace. Hopefully, we can go back to Matt afterwards. I was going to ask a question more broadly on the luxury industry given your insights across all brands. Clearly, we had this period of significant growth for luxury followed by more of a digestion period over the last couple of years, which is sort of the if you look at the backdrop now, where do you think we are in terms of the general luxury cycle? What are you seeing both in terms of the aspirational consumer versus the high net worth, and also in terms of creative cycles and the product newness? We'd be interested to hear your thoughts. Thank you.

大家好。是格蕾絲。希望之後我們還能再和馬特聊聊。鑑於您對所有品牌的深刻見解，我原本想就奢侈品行業提出一個更廣泛的問題。顯然，奢侈品經歷了一段顯著增長期，隨後在過去幾年裡進入了消化期。如果你看看現在的背景，你認為就整體奢侈品週期而言，我們處於什麼位置？您從有抱負的消費者與高淨值消費者、以及創意週期和產品新穎性等方面觀察到了什麼？我們很想聽聽您的想法。謝謝。

Thank you, Grace. We believe we look at a very solid calendar year 2026. As you can see in our numbers, there's double-digit growth. It's true. Some of the big names had to go through some transition phase, switching creative directors. But at the same time, as you're very familiar, we have seen fantastic numbers by the likes of Brunello Cucinelli, by the likes of The Row, by the likes of Loro Piana. And as we saw real investment into new creativity in the last fashion season in September with a lot of new creative directors, we believe luxury has gone through a transition phase and maybe, as you said, a digestion phase. But we believe there is upside for luxury as a whole in the coming months. I think, as always, there will be some brands and some players that will take more advantage of it than others.

謝謝你，格蕾絲。我們認為2026年將會是一個非常穩健的年份。從我們的數據可以看出，實現了兩位數的成長。沒錯。一些知名品牌不得不經歷一段過渡期，更換創意總監。但同時，正如您非常熟悉的那樣，我們也看到了像 Brunello Cucinelli、The Row 和 Loro Piana 這樣的品牌取得了驚人的成績。正如我們在九月份的上一季時裝週上看到的那樣，奢侈品行業對新的創意進行了真正的投資，湧現出了許多新的創意總監，我們認為奢侈品行業已經經歷了一個轉型階段，也許正如你所說，也是一個消化階段。但我們認為，未來幾個月奢侈品產業整體上會有上漲空間。我認為，和以往一樣，總是會有一些品牌和一些玩家比其他品牌和玩家更能利用這一點。

It's still in the quality, in the desirability. But we have seen good collections in September, and they're starting to be delivered now in February. We already pre-launched new Gucci. We will have launches from Balenciaga, from Saint Laurent, from Versace. So a lot of new impetus. So we believe it will be a good year, of course, all depending on the stability in the macro environment.

關鍵在於品質，在於吸引力。但我們看到9月的收貨情況不錯，而且現在已經開始在2月出貨了。我們已經提前發布了新款 Gucci。我們將迎來巴黎世家、聖羅蘭和范思哲的新品發表。因此，湧現出了許多新的動力。所以我們相信今年會是個好年頭，當然，這一切都取決於宏觀環境的穩定性。

Great. Thank you, Federica. Then just to follow up on that, are you seeing any changes in terms of the brand's pricing architecture or the different price points that your consumers are gravitating to?

偉大的。謝謝你，費德里卡。那麼，我想進一步了解一下，您是否觀察到品牌定價結構或消費者偏好的不同價格點方面有任何變化？

I mean, we clearly are in a phase where there's very little price increases. We've gone through a phase of massive price increases, also driven by scarcity in raw materials. There's a bit of a pause there. So I always say it's an equation between price and desirability. And as prices keep standing and hopefully desirability increase, then we will see that result. And then there is movement, still early, on the contemporary aspirational side. It will be interesting to see in the coming four weeks whether we see also progress. The progress so far we have seen are really in the big houses, I must say.

我的意思是，我們顯然正處於價格幾乎沒有上漲的階段。我們已經經歷了一段價格大幅上漲的時期，這也是由於原物料短缺造成的。這裡稍作停頓。所以我常說，價格和吸引力之間存在著一種等式關係。如果價格保持穩定，人們的購買意願有望提高，那麼我們就會看到這樣的結果。此外，當代抱負方面也出現了一些動向，雖然還處於早期階段。接下來四周，我們拭目以待，看看是否也會有進展。我必須說，目前我們看到的進步主要體現在大型住宅項目上。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great. Great. Thanks. So Martin, for follow-up, I guess, could you elaborate on the progression of EBITDA margins into fiscal 2027? Or what I wanted to know is relative to this year's flat piece at the midpoint, what's the best way to model the timeline for the transformation actions that you're taking across the portfolio as it relates to the bottom line?

偉大的。偉大的。謝謝。那麼，Martin，我想問的是，您能否詳細說明一下 2027 財年 EBITDA 利潤率的發展？或者，我想知道的是，相對於今年年中持平的業績，如何最好地模擬您正在採取的、與最終收益相關的整個投資組合轉型行動的時間線？

Yeah. So you're referring to already fiscal year 2027. Obviously, we will give guidance then in the summer. In the last quarter, we always give follow-on fiscal year. But clear, I mean, you see the sequential improvement. It is, again, always nicely laid out by the three segments. It's driven by the three segments, which are completely, I mean, different than the current state, and then all will align towards the medium-term target of EUR4 billion in net sales and 7%-9% adjusted EBITDA margin. So we will see a sequential improvement in the second half of fiscal year 2026, obviously driven by continued improvement of Mytheresa, NET-A-PORTER, MR PORTER regaining profitability, and the ongoing restructuring efforts at YOOX. And obviously, this will then turn into fiscal year 2027, where we obviously target along our five-year plan improvements.

是的。所以你指的是2027財年。顯然，我們會在夏季提供指導。在最後一個季度，我們總是會給出後續的財政年度。但很明顯，我的意思是，你可以看到逐步的改進。它仍然始終以三個部分進行清晰的佈局。它由三個業務板塊驅動，這三個板塊與目前的情況完全不同，所有板塊都將朝著中期目標邁進，即淨銷售額達到 40 億歐元，調整後 EBITDA 利潤率達到 7%-9%。因此，我們將在 2026 財年下半年看到業績的逐步改善，這顯然得益於 Mytheresa 的持續改善、NET-A-PORTER 和 MR PORTER 恢復盈利能力，以及 YOOX 正在進行的重組工作。顯然，這將延續到 2027 財年，屆時我們將按照五年計畫的目標進行改進。

This will obviously not be a linear function towards our medium-term targets of 7%-9% in fiscal year 2029, 2030. We will give an update. I'll give an update on the fiscal year 2027 expectations in our next quarter report here.

顯然，這不會是一個線性函數，無法實現我們在 2029 財年和 2030 財年 7%-9% 的中期目標。我們會發布最新消息。我將在下一季報告中更新 2027 財年的預期。

Maybe just one follow-up. When you cite medium term, is there any quantification? How long is medium in your view?

或許只需要一次後續跟進。當您提到中期目標時，是否有量化指標？你認為中等長度是多久？

It's fiscal year 2029 and fiscal year 2030 is our medium term.

現在是 2029 財年，2030 財年是我們的中期目標。

Okay. Great. Helpful color. Thank you.

好的。偉大的。有用的顏色。謝謝。

Anna Glaessgen, B. Riley Securities.

Anna Glaessgen，B. Riley Securities。

Good morning, and thanks for taking my question. I guess I'd like to start near term. Given the disruption at a luxury department store in the US, to what extent does guidance embed, or do you expect some disruption as there could be some promotions coming from a competitor? Thanks.

早上好，感謝您回答我的問題。我想盡快開始。鑑於美國一家奢侈品百貨公司的經營中斷，指導意見在多大程度上會受到影響？或者，您預計會有一些影響，因為競爭對手可能會推出一些促銷活動？謝謝。

I mean, it's hard to predict how the department store sector in the U.S. will unfold. As you know, there are Chapter 11 proceedings. I fundamentally believe that what the last years have shown is that the only way to have a sustainable, profitable business model is to focus on full-price selling. Promotions are very short-term. I hope that with whatever comes out of the proceeding, a new entity that will follow that principle because otherwise, there's no sustainable, profitable business model. We have proven that. We had moments in our history where other competitors tried to find short-term gains. We always stick to our policies, and it has paid off.

我的意思是，很難預測美國百貨公司產業的發展走向。如您所知，有破產法第11章的程序。我從根本上相信，過去幾年的事實證明，要擁有可持續的、獲利的商業模式，唯一的方法就是專注於全價銷售。促銷活動持續時間非常短。我希望無論最終結果如何，都能誕生一個遵循這項原則的新實體，因為否則就沒有可持續的、獲利的商業模式。我們已經證明了這一點。我們歷史上也曾出現過其他競爭對手試圖尋求短期利益的時刻。我們始終堅持自己的政策，事實證明這是值得的。

So honestly, regardless of what will happen in the U.S. department store sector after Chapter 11, we feel there is market share gains to be had in the U.S. market because also a lot of this has started to be confusing and disappointing to customers. What you see is what you get at Mytheresa, at NET-A-PORTER, MR PORTER. It's inspiration. It's great service. It's curation. That's what we focus on. We see we can win with this.

所以坦白說，無論美國百貨公司行業在破產重組後會發生什麼，我們都認為在美國市場還有市場份額增長的空間，因為很多事情也開始讓顧客感到困惑和失望。在 Mytheresa、NET-A-PORTER 和 MR PORTER，所見即所得。這是靈感。服務很棒。這是策展。這就是我們關注的重點。我們看到我們可以靠這個取勝。

Got it. Thanks. And then shifting to the YNAP businesses, it seems like there's been some nice progress made with some year-over-year inventory reductions. Can you speak to the overall health of the inventory and how much work is left to be done?

知道了。謝謝。然後轉向 YNAP 業務，似乎在庫存同比下降方面取得了一些不錯的進展。您能否談談庫存的整體狀況以及還有多少工作要做？

Martin, you want to speak to inventories?

馬丁，你想談談庫存嗎？

Yes. Yes. Happy to speak to inventories. I called out the healthy inventory levels at Mytheresa with a good aging structure and stable, a bit declining despite double-digit growth. So that continues to be in great shape. NET-A-PORTER, MR PORTER is more working with a legacy of having bought too little. And therefore, we are increasing. We're investing in inventory to enable the growth in addition to all the other measures of the transformation plan. So inventory level is down at NET-A-PORTER, driven by past-time decisions.

是的。是的。樂意討論庫存狀況。我指出 Mytheresa 的庫存水準健康，庫存週轉結構良好，儘管實現了兩位數的成長，但庫存水準仍保持穩定，略有下降。所以，它仍然保持著良好的狀態。NET-A-PORTER 和 MR PORTER 更像是繼承了以往採購量不足的遺風。因此，我們的數量正在增加。除了轉型計劃中的其他所有措施外，我們還在投資庫存以促進成長。因此，由於過去的決策，NET-A-PORTER 的庫存水準有所下降。

At YOOX, also inventory down. So the logic of the inventory, I mean, or the current state of the inventory, it's fully in line with expectations. It's good. It's healthy. But we need to grow the inventory. We need to invest in working capital as this is also targeted in our transformation plan. So from the inventory side, the new teams, new leadership is heavily working on fall/winter 2026 and spring. It's now spring/summer 2027.

YOOX的庫存也有所下降。所以，庫存的邏輯，或者說目前的庫存狀況，完全符合預期。很好。它很健康。但我們需要增加庫存。我們需要投資營運資金，因為這也是我們轉型計畫的目標之一。因此，從庫存方面來看，新的團隊和新的領導層正在大力推動 2026 年秋冬季和春季的庫存工作。現在是2027年春夏。

Blake Anderson, Jefferies.

布萊克·安德森，傑富瑞集團。

Hi, guys. Thanks for taking my question. So wanted to double-click on luxury YNAP. That was strong in the quarter. I believe it was 6% growth excluding currency, which was a bit better and earlier than you'd expected. Can you unpack what drove the growth there in terms of new customers or the new merchandise you spoke to and then AOV versus units? And then what are you expecting for that business in the second half in terms of growth?

嗨，大家好。謝謝您回答我的問題。所以很想雙擊體驗YNAP的豪華版。本季表現強勁。我相信不計匯率因素，成長率為 6%，這比你預期的要好一些，也比你預期的要早一些。您能否詳細分析一下，從新客戶或新商品的角度來看，是什麼推動了成長，以及平均訂單價值與銷售之間的關係？那麼，您對該業務下半年的成長有何預期？

I mean, the growth mirrors very much the pattern that we have seen at Mytheresa. It starts from the top. So it sits with the big spenders. Of course, it's driven by really focusing on that customer. It is driven by AOV increase. We have called out that we have seen double-digit AOV increases, both at MR PORTER and Net-a-Porter. Two-thirds is ARV, so more expensive items, which is not higher prices. It's actually sort of picking items higher at the ladder. And also one-third is more units. And that's where the growth is coming from. And then what I always stress, we are massively reducing promotions. We have cut back on discounts. And that also helps, of course. Full-price selling is not only good for margin. Full-price selling is also good for the top line.

我的意思是，這種成長模式與我們在 Mytheresa 看到的模式非常相似。一切都從上開始。所以它只屬於那些消費能力強的人。當然，這一切都源自於真正專注於客戶。這是由平均訂單價值 (AOV) 增加所驅動的。我們已經指出，MR PORTER 和 Net-a-Porter 的平均訂單價值 (AOV) 都實現了兩位數的成長。三分之二是 ARV，也就是更貴的商品，而不是更高的價格。實際上，這就像是選擇階梯上位置較高的物品一樣。而且三分之一也是更多的單位。這就是成長的來源。然後，我一直強調的是，我們正在大幅削減促銷活動。我們減少了折扣。當然，這也有幫助。全價銷售不僅有利於利潤。全價銷售也有利於提升銷售額。

This focus on the top spender and this continuous detox, so to speak, from discounting and promotion, we will continue. This will be part of the strategy going forward, of course. Then with Q3, Q4 particularly, where the fall/winter season comes into play, where we have bought more, where the new team has really driven the curation, we expect even better traction on the fall/winter collections.

我們將繼續專注於高消費群體，並持續減少折扣和促銷活動。這當然會成為未來策略的一部分。然後到了第三季、第四季，尤其是秋冬季來臨之際，我們採購了更多商品，新團隊也真正推動了商品的甄選，我們預計秋冬系列會取得更好的市場反響。

Great. Thank you. And then I wanted to ask, my follow-up would be on the operating cash flow target to your timeline. Martin, anything you would call out specifically there in terms of drivers that could get you there potentially earlier? And then any color on the shape of the improvement over the two years?

偉大的。謝謝。然後我想問一下，我的後續問題是，你們的營運現金流目標能否按計畫實現。馬丁，就車手而言，你有什麼特別想推薦的，能讓你更快到達目的地的車手嗎？那麼，在這兩年裡，形狀上的改善情況如何呢？

Yeah, Blake. I mean, I really called out in the call that you always have to combine Q1 and Q2 and Q3 and Q4 given the seasonality of the business. So for the first half, given our strong operational cash flow in Q2, we have a cash burn of -EUR30 million. And for the full fiscal year, I expect overall cash burn to be well below EUR150 million given fiscal year 2026 is our key transition year. So that implies that the payout of the severance packages and other transformational payouts will be in this H2, in this coming H2, so Q3 and Q4, leading to an overall cash burn of below EUR150 million for the full fiscal year. And this is the key transition year. I mean, the transformation plan is a two-to-three-year program.

是的，布萊克。我的意思是，我在電話會議中確實強調過，考慮到業務的季節性，必須始終將第一季和第二季以及第三季和第四季的數據結合起來考慮。因此，鑑於我們第二季強勁的營運現金流，上半年我們的現金消耗為 -3000 萬歐元。鑑於 2026 財年是我們的關鍵過渡年，我預計整個財年的現金消耗總額將遠低於 1.5 億歐元。這意味著遣散費和其他轉型補償金將在今年下半年，也就是第三季和第四季支付，使整個財年的現金消耗總額低於 1.5 億歐元。今年是關鍵的過渡年。我的意思是，轉型計劃是一個為期兩到三年的專案。

We clearly guided on the overall cash burn for the whole plan for all years. So we expect then the cash burn to be still significant next year but then will decrease. I also called out that we expect to be cash break-even from operational cash in two years. So it is fiscal year 2026. The second half fiscal year 2026 is a key cash outflow.

我們明確規定了整個計劃所有年度的總體現金消耗量。因此，我們預計明年的現金消耗仍然會很大，但之後會減少。我還指出，我們預計兩年內營運現金流將達到收支平衡。所以現在是2026財年。2026財年下半年是一筆重要的現金流出。

Fiscal year 2027 will continue to be negative. But we are really happy with the flow, fully in line with our expectations. So cash will not be the limiting factor for our transformation plan for returning to profitability and for re-engaging on top-line growth. I think it is really worthwhile to repeat that we work on a fully funded transformation plan, and we work on a completely debt-free environment. I have a very strong balance sheet on top to the additional cash for the transformation plan and the buffer.

2027財年將持續出現虧損。但我們對流量非常滿意，完全符合我們的預期。因此，現金不會成為我們實現獲利轉型計劃和重新實現營收成長的限制因素。我認為有必要重申，我們正在製定一項資金充足的轉型計劃，我們正在努力創造一個完全無債務的環境。除了用於轉型計劃的額外現金和緩衝資金外，我的資產負債表也非常穩健。

There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.

目前沒有其他問題了。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。