LuxExperience BV (LUXE) 2026 Q4 法說會逐字稿

Greetings, and welcome to the LuxExperience fourth quarter and full fiscal year 2026 earnings conference call. At this time, all participants are in 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 會計年度第四季及全年財報電話會議。目前所有與會者皆處於僅收聽模式。本次電話會議將進行錄音，我們已安排一小時用於管理層準備發言及問答環節。

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

現在我很榮幸介紹本次會議主持人——LuxExperience 財務長 Martin Beer 先生。謝謝您，先生。請開始。

Thank you, operator, and welcome everyone to the LuxExperience investor conference call for the fourth quarter and full fiscal year 2026 ended June 30, 2026. With me today is our CEO, Michael Kliger. Before we begin, I would like to remind you that our discussions today will include forward-looking statements.

謝謝接線員，也歡迎各位參加 LuxExperience 截至 2026 年 6 月 30 日止之 2026 會計年度第四季及全年投資人電話會議。今天與我一同出席的還有我們的執行長 Michael Kliger。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。

Any comments we make about expectations, including our guidance for fiscal year 2027 and our medium-term targets, are forward-looking statements and are subject to risks and uncertainties, including risks and uncertainties described in our annual report. Many factors could cause actual results to differ materially, and we are under no duty to update forward-looking statements.

我們對於預期的任何評論（包括我們對 2027 會計年度的指引以及中期目標）均屬前瞻性陳述，並受風險與不確定性影響，其中包括我們年報中所述之風險與不確定性。多項因素可能導致實際結果出現重大差異，我們亦無義務更新任何前瞻性陳述。

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，我們在本次電話會議中將提及若干未依 IFRS（國際財務報導準則）呈報的財務衡量指標。您可在我們的財報新聞稿中找到這些非 IFRS 財務衡量指標的調節表；新聞稿可於我們投資人關係網站 investors.luxexperience.com 取得。

I will now turn the call over to Michael.

接下來我將把電話會議交給 Michael。

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 fourth quarter of fiscal year 2026 and the full fiscal year for LuxExperience.

謝謝你，Martin。我也在此熱烈歡迎各位，並感謝大家參與本次電話會議。今天我們將就 LuxExperience 2026 會計年度第四季及全年之業績與表現進行說明。

We are very pleased with our results as they demonstrate that our group transformation is going very well and that we are outperforming the market. At group level, we have delivered on our full fiscal year 2026 guidance as we achieved a GMV growth of plus 2.9% at constant currency and delivered a positive group-adjusted EBITDA margin of plus 0.4%. We believe these are remarkable results just 15 months after taking over a financially distressed YNAP business.

我們對本次業績非常滿意，因為這顯示集團轉型進展順利，且我們的表現優於市場。在集團層面，我們達成了 2026 會計年度全年指引：以固定匯率計，GMV 成長 +2.9%，並實現集團調整後 EBITDA 利潤率為正、達 +0.4%。我們認為，在接手財務困境中的 YNAP 業務僅 15 個月後就取得這樣的成果，實屬亮眼。

Compared to fiscal year 2025 and considering all capitalized tech expenses, we have boosted group-adjusted EBITDA by EUR64 million. Even more exciting, we achieved in the fourth quarter of fiscal year 2026 a GMV growth of plus 7.9% at constant currency and a group-adjusted EBITDA margin of plus 2.1%.

與 2025 會計年度相比，並考量所有資本化的科技費用後，我們將集團調整後 EBITDA 提升了 6,400 萬歐元。更令人振奮的是，在 2026 會計年度第四季，我們以固定匯率計實現 GMV 成長 +7.9%，且集團調整後 EBITDA 利潤率達 +2.1%。

In the fourth quarter, we had positive top-line growth in all of our three reporting segments. At Mytheresa, we have set again the gold standard in the fourth quarter in terms of growth and profitability. The success is based on outstanding customer economics and a resilient, profitable business model.

在第四季，我們三個報導分部的營收（top line）皆呈現正成長。在 Mytheresa，我們於第四季在成長與獲利能力方面再次樹立業界金標準。此成功奠基於卓越的客戶經濟效益以及具韌性、可獲利的商業模式。

This is exactly the formula that we now apply to NET-A-PORTER and MR PORTER. In the fourth quarter, NET-A-PORTER and MR PORTER combined now also delivered positive growth and profitability. At YOOX, our strategy to focus on the healthy core of the business and make the business model leaner is now showing clear results.

這正是我們目前套用到 NET-A-PORTER 與 MR PORTER 的方法。在第四季，NET-A-PORTER 與 MR PORTER 合計也已實現正成長與獲利。在 YOOX，我們聚焦於業務的健康核心並使商業模式更精實的策略，如今已展現明確成果。

In the fourth quarter, YOOX achieved a positive top-line growth and losses were cut almost in half compared to Q4 of fiscal year 2025. With the tremendous progress made in the past 12 months and the strong business momentum in Q4 of fiscal year 2026, we are clearly on track to achieve our medium-term targets of group net sales of EUR4 billion and an adjusted EBITDA margin of 7% to 9%.

在第四季，YOOX 實現營收正成長，且相較於 2025 會計年度第四季，虧損幾乎減半。憑藉過去 12 個月取得的重大進展，以及 2026 會計年度第四季強勁的業務動能，我們顯然正按計畫邁向中期目標：集團淨銷售額達 40 億歐元，調整後 EBITDA 利潤率達 7% 至 9%。

For full fiscal year 2027, we expect accelerated top-line growth and further increased group-adjusted EBITDA margin. Our strong current trading reinforces our continued positive business momentum. Martin will later clarify our guidance for fiscal year 2027.

對於 2027 會計年度全年，我們預期營收成長將加速，且集團調整後 EBITDA 利潤率將進一步提升。我們目前強勁的交易表現，強化了我們持續正向的業務動能。Martin 稍後將進一步說明我們對 2027 會計年度的指引。

Let me now comment in more detail on the performance of the Mytheresa business. We again outperformed the industry with double-digit top-line growth and strong profitability. By focusing on wardrobe-building, big-spending customers, Mytheresa possesses a very resilient and consistent business model driven by superior customer economics.

接下來我將更詳細說明 Mytheresa 業務的表現。我們再次以雙位數的營收成長與強勁獲利能力，優於產業表現。透過聚焦於打造衣櫥（wardrobe-building）的高消費客群，Mytheresa 擁有由卓越客戶經濟效益所驅動、極具韌性且一致性的商業模式。

A clear strategic focus and the excellent execution allowed Mytheresa to become a EUR1 billion business in fiscal year 2026, marking a significant milestone in the company’s success story. In Q4 of fiscal year 2026, Mytheresa grew its net sales by plus 10.2% on constant currency basis compared to Q4 of fiscal year 2025, and for the full fiscal year 2026 by 11.5% on constant currency basis compared to full fiscal year 2025.

明確的策略聚焦與優異的執行力，使 Mytheresa 在 2026 會計年度成為一家年營收達 10 億歐元規模的企業，為公司成功歷程立下重要里程碑。在 2026 會計年度第四季，Mytheresa 以固定匯率計之淨銷售額較 2025 會計年度第四季成長 +10.2%；而 2026 會計年度全年則以固定匯率計較 2025 會計年度全年成長 11.5%。

In the US, the Mytheresa business grew net sales by plus 39.3% on constant currency basis in Q4 fiscal year 2026 compared to Q4 fiscal year 2025. For the full fiscal year, the US accounted for 23.8% of net sales of Mytheresa’s total business. Mytheresa’s strength and resilience are driven by its superior customer economics.

在美國市場，Mytheresa 於 2026 會計年度第四季以固定匯率計之淨銷售額，較 2025 會計年度第四季成長 +39.3%。就全年而言，美國占 Mytheresa 總業務淨銷售額的 23.8%。Mytheresa 的優勢與韌性來自其卓越的客戶經濟效益。

In the fourth quarter of fiscal year 2026, the number of top customers at Mytheresa grew by plus 18% compared to the prior year period. Furthermore, the average spend per top customer in terms of GMV grew by plus 4.8% in Q4 fiscal year 2026 versus Q4 fiscal year 2025, and plus 4.3% for the full fiscal year 2026.

在 2026 會計年度第四季，Mytheresa 的頂級客戶數量較去年同期成長 +18%。此外，以 GMV 計算的每位頂級客戶平均消費額，在 2026 會計年度第四季較 2025 會計年度第四季成長 +4.8%，而 2026 會計年度全年成長 +4.3%。

The average order value last 12 months for Mytheresa increased by a remarkable plus 13.1% to a record high of EUR875 in Q4 fiscal year 2026. The success of the focus on selling full-price, high-end luxury products to top customers is also evident by the fact that top customers accounted for 4.8% of all customers in numbers, but for 48.4% in terms of total GMV in fiscal year 2026.

Mytheresa 過去 12 個月的平均訂單金額大幅提升 +13.1%，在 2026 會計年度第四季創下 875 歐元的歷史新高。聚焦向頂級客戶銷售全價高端奢侈品的成功亦可從以下事實看出：在 2026 會計年度，頂級客戶人數僅占全部客戶的 4.8%，但其貢獻的 GMV 卻占總 GMV 的 48.4%。

The continued focus on selling full price also drove, again, the gross profit margin increase of plus 150 basis points in Q4 FY 2026 compared to Q4 FY 2025. Lastly, Mytheresa’s excellent customer service proposition is highlighted by our internal net promoter score, NPS, of 83.6% in Q4 FY 2026. All these figures demonstrate the fundamental strengths and continued success of the Mytheresa business based on superior customer economics.

持續聚焦全價銷售亦再次推動毛利率提升：2026 會計年度第四季較 2025 會計年度第四季增加 150 個基點。最後，Mytheresa 卓越的客戶服務主張，亦反映在我們內部的淨推薦值（NPS）上：2026 會計年度第四季為 83.6%。上述數據皆展現 Mytheresa 業務以卓越客戶經濟效益為基礎的根本優勢與持續成功。

The success with big-spending, wardrobe-building customers also makes Mytheresa a highly desired partner for the world’s most prestigious luxury brands. In the fourth quarter of FY 2026, Mytheresa launched 11 exclusive capsules collections and featured four exclusive pre-launches or exclusive styles campaigns in collaboration with luxury brands such as Dolce & Gabbana, Pucci, Prada, Bottega Veneta, and Brioni, amongst many others.

在高消費、打造衣櫥客群方面的成功，也使 Mytheresa 成為全球最具聲望奢侈品牌高度青睞的合作夥伴。在 2026 會計年度第四季，Mytheresa 推出 11 個獨家膠囊系列（capsule collections），並與 Dolce & Gabbana、Pucci、Prada、Bottega Veneta、Brioni 等眾多奢侈品牌合作，呈現 4 個獨家預先發售（pre-launch）或獨家款式行銷活動。

We are also very proud to have recently started digital partnerships with two new true luxury brands, Fendi and Piaget, which are now available on Mytheresa. Please see our investor presentation for more details on brand collaborations.

我們也非常自豪，近期已與兩個全新真正奢侈品牌 Fendi 與 Piaget 展開數位合作夥伴關係，現已可在 Mytheresa 上購買。關於品牌合作的更多細節，請參閱我們的投資人簡報。

In the fourth quarter of 2026, Mytheresa also hosted more than 14 global top customer events and six exclusive money-can’t-buy events with luxury brands, including Zimmermann, Dolce & Gabbana, and Brioni across Europe, the US, and Asia, creating a strong sense of community for its top customers.

在2026財年第四季，Mytheresa亦在歐洲、美國與亞洲與奢侈品牌（包括Zimmermann、Dolce & Gabbana及Brioni）共同舉辦了超過14場全球頂級客戶活動，以及六場專屬的「有錢也買不到」活動，為其頂級客戶打造強烈的社群歸屬感。

Mytheresa also returned with a second edition of Maison Mytheresa, creating a successful yacht experience along the French Riviera, hosting 29 events in 12 days, which hosted 790 customers on the boat. Please see our investor presentation for more details on these unique money-can-buy experiences.

Mytheresa亦推出第二屆Maison Mytheresa，在法國蔚藍海岸打造成功的遊艇體驗，12天內舉辦29場活動，並在船上接待了790位客戶。更多關於這些獨特「有錢也買得到」體驗的細節，請參閱我們的投資人簡報。

To sum it up, Mytheresa reaffirmed its clear leadership position in the digital multi-brand luxury landscape in FY 2026. Mytheresa sets the standard by delivering profitable growth based on its focus on big-spending top customers. It thus also serves as the internal blueprint for the successful turnaround of NET-A-PORTER and MR PORTER. Martin will later show how the strong top-line results of Mytheresa translated into excellent bottom-line results.

總結而言，Mytheresa在2026財年再次確認其在數位多品牌奢侈品領域的明確領導地位。Mytheresa以聚焦高消費頂級客戶為基礎，實現獲利性成長，樹立了業界標準。因此，它也成為NET-A-PORTER與MR PORTER成功扭轉局勢的內部藍圖。Martin稍後將說明Mytheresa強勁的營收表現如何轉化為優異的獲利表現。

Let me now comment on the luxury segment comprised of NET-A-PORTER and MR PORTER. We are in high gear reestablishing both as leading digital multi-brand destinations for luxury fashion shoppers seeking editorial inspiration and brand discovery.

接下來我將評論由NET-A-PORTER與MR PORTER組成的奢侈品業務分部。我們正全速推進，重新建立兩者作為奢侈時尚消費者尋求編輯靈感與品牌探索的領先數位多品牌目的地。

By applying the secret sauce of LuxExperience, namely an obsessive focus on best customers, full-price selling, and cost discipline, we are successfully rebuilding strengths and resilience in their business models.

透過運用LuxExperience的成功祕訣——也就是對最佳客戶的極致聚焦、全價銷售以及成本紀律——我們正成功重建其商業模式的優勢與韌性。

For the first time since the acquisition, NET-A-PORTER and MR PORTER combined achieved top-line growth and a positive bottom line in the last quarter of FY 2026. Net sales increased by plus 5.6% on constant currency basis in Q4 FY 2026 versus Q4 FY 2025, and for the full FY 2026 by plus 0.5% compared to full FY 2025 for NET-A-PORTER and MR PORTER combined.

自併購以來，NET-A-PORTER與MR PORTER合計在2026財年最後一季首次同時實現營收成長與獲利為正。以固定匯率計，2026財年第四季淨銷售額較2025財年第四季成長5.6%；而2026財年全年，兩者合計淨銷售額較2025財年全年成長0.5%。

In the US, net sales increased by plus 15.1% on a constant currency basis in Q4 FY 2026 compared to Q4 FY 2025. For the full fiscal year, the US accounted for 49.6% of net sales of the total business of both stores combined.

在美國市場，以固定匯率計，2026財年第四季淨銷售額較2025財年第四季成長15.1%。就全年而言，美國占兩家商店合計總業務淨銷售額的49.6%。

Improved and strong customer economics are also key for the success of NET-A-PORTER and MR PORTER. The fourth quarter of FY 2026, after an initial focus on the quality of the customer base in the first quarters, we increased again the number of top customers by plus 3.2% compared to Q3 FY 2026.

改善且強勁的客戶經濟效益亦是NET-A-PORTER與MR PORTER成功的關鍵。在2026財年第四季，於前幾季先聚焦客戶基礎品質之後，我們再次將頂級客戶數量較2026財年第三季提升3.2%。

Moreover, the average spend in terms of GMV per top customer increased by plus 9.4% in Q4 FY 2026 versus Q4 FY 2025, and plus 5.3% for the full FY 2026. The average order value last 12 months increased by plus 9.1% to EUR885 for NET-A-PORTER and MR PORTER combined in Q4 FY 2026.

此外，以每位頂級客戶的GMV衡量之平均消費額，在2026財年第四季較2025財年第四季增加9.4%，而2026財年全年增加5.3%。在2026財年第四季，NET-A-PORTER與MR PORTER合計過去12個月的平均訂單金額（AOV）增加9.1%，至885歐元。

As a consequence of the renewed focus on the best customers at NET-A-PORTER and MR PORTER, their top customers accounted for 4.3% of all customers in numbers, but for 49.1% in terms of total GMV in FY 2026. The clear focus on full price selling to top customers instead of promotional discounting drove also a gross profit margin increase of plus 170 basis points in full FY 2026 compared to FY 2025.

由於NET-A-PORTER與MR PORTER重新聚焦最佳客戶，2026財年其頂級客戶在客戶數量上僅占4.3%，但在總GMV上占49.1%。明確聚焦向頂級客戶進行全價銷售、而非促銷折扣，也推動2026財年全年毛利率較2025財年提升170個基點。

The customer satisfaction NET-A-PORTER measured by our internal NPS remained at 59.7% in Q4 due to shipping backlogs in the warehouses. But for the full FY 2026, the NPS increased by plus 6.7 percentage points compared to FY 2025. All these KPIs confirm a significantly improved quality of the customer economics and business models of NET-A-PORTER and MR PORTER.

NET-A-PORTER以我們內部NPS衡量的客戶滿意度，因倉庫出貨積壓在第四季維持於59.7%。但就2026財年全年而言，NPS較2025財年提升6.7個百分點。上述所有KPI均證實NET-A-PORTER與MR PORTER的客戶經濟效益與商業模式品質已顯著改善。

In line with their position as the leading digital multi-brand destinations for luxury fashion shoppers seeking editorial inspiration and brand discovery, NET-A-PORTER and MR PORTER launched in the fourth quarter of FY 2026, 36 editorial campaigns for exclusive brand and product launches with brands such as Chloé, Khaite, Carolina Herrera, Tom Ford, Brunello Cucinelli, and Celine, amongst others.

為呼應其作為奢侈時尚消費者尋求編輯靈感與品牌探索之領先數位多品牌目的地的定位，NET-A-PORTER與MR PORTER於2026財年第四季推出36個編輯企劃，用於獨家品牌與產品上市，合作品牌包括Chloé、Khaite、Carolina Herrera、Tom Ford、Brunello Cucinelli與Celine等。

NET-A-PORTER also hosted 11 unique experiences for their EIPs, the so-called extremely important people with brand partners such as Khaite, Chloé, Gucci, and Schiaparelli in the US and Europe in Q4. NET-A-PORTER also continued to boost its editorial strengths with exclusive PORTER cover stories that generated a reach of 194 million in Q4 FY 2026. Please see our investor presentation for more details on the unique editorial content and exclusive activations of NET-A-PORTER.

NET-A-PORTER亦於第四季在美國與歐洲與品牌夥伴（如Khaite、Chloé、Gucci及Schiaparelli）為其EIP（所謂的「極其重要人士」）舉辦11場獨特體驗。NET-A-PORTER也持續以獨家PORTER封面故事強化其編輯優勢，於2026財年第四季帶來1.94億的觸及。更多關於NET-A-PORTER獨特編輯內容與獨家活動的細節，請參閱我們的投資人簡報。

MR PORTER hosted six unique EIP experiences with brand partners including Zegna and Ralph Lauren in the US and Italy. MR PORTER also continued to strengthen its editorial voice with its journal, pushing brands, advice, and style stories. In total, the top journal stories reached over 13 million views. Please see our investor presentation for more details on MR PORTER’s unique editorial content and exclusive activations.

MR PORTER在美國與義大利與品牌夥伴（包括Zegna與Ralph Lauren）舉辦六場獨特的EIP體驗。MR PORTER亦透過其journal持續強化編輯聲量，推動品牌內容、建議與風格故事。整體而言，最受歡迎的journal故事累計觸及超過1,300萬次瀏覽。更多關於MR PORTER獨特編輯內容與獨家活動的細節，請參閱我們的投資人簡報。

To sum it up, NET-A-PORTER and MR PORTER are reestablishing themselves as leading digital multi-brand destinations for luxury fashion shoppers seeking editorial inspiration and brand discovery. Positive top-line growth, improved customer economics, and positive bottom-line results in the fourth quarter of FY 2026 underline the success of the ongoing business transformation. Martin will later provide more details on the bottom-line results of the luxury segment comprised of NET-A-PORTER and MR PORTER.

總結而言，NET-A-PORTER與MR PORTER正重新建立其作為奢侈時尚消費者尋求編輯靈感與品牌探索之領先數位多品牌目的地的地位。2026財年第四季的正向營收成長、改善的客戶經濟效益以及正向獲利表現，凸顯持續進行的業務轉型已取得成功。Martin稍後將提供更多關於由NET-A-PORTER與MR PORTER組成之奢侈品分部的獲利表現細節。

Lastly, let me comment on YOOX’s business performance. Our strategic focus on the core European markets and a leaner operating model, in line with the lower margin and lower average order value nature of the off-price business, is already showing clear results.

最後，讓我評論YOOX的業務表現。我們將策略重心放在歐洲核心市場並採用更精簡的營運模式，這與折扣（off-price）業務較低毛利與較低平均訂單金額的特性一致，且已開始展現明確成果。

Positive top-line growth in the fourth quarter and adjusted EBITDA losses almost halved speak to the success of the transformation thus far. This business momentum was further enhanced by YOOX’s brand activations throughout the quarter to reinforce its position as the leading destination for long-lasting luxury fashion built around individual creativity, culture, and community.

第四季的正向營收成長，以及調整後EBITDA虧損幾乎減半，顯示迄今轉型的成功。本季YOOX透過一系列品牌行銷活動進一步強化此一業務動能，以鞏固其作為以個人創意、文化與社群為核心、主打長青奢侈時尚之領先目的地的定位。

In Q4 FY 2026, net sales for YOOX increased by plus 6.6% on constant currency basis versus Q4 FY 2025. For the full FY 2026, net sales contracted by minus 5.8% compared to full FY 2025. The net sales growth in Q4 was also driven by extraordinary inventory clearance. But most important was that in Europe, excluding the UK, YOOX increased net sales by plus 22.7% compared to Q4 FY 2025. For the full FY 2026, net sales in Europe, excluding the UK, grew by plus 10.9% and accounted for 61.3% of net sales of the total YOOX business.

在2026財年第四季，以固定匯率計，YOOX淨銷售額較2025財年第四季成長6.6%。2026財年全年，淨銷售額較2025財年全年下滑5.8%。第四季的淨銷售額成長亦受到一次性庫存清理的帶動。但最重要的是，在歐洲（不含英國），YOOX淨銷售額較2025財年第四季成長22.7%。2026財年全年，在歐洲（不含英國）的淨銷售額成長10.9%，並占YOOX整體業務淨銷售額的61.3%。

The strong momentum in the European markets validates the strategy to focus on a healthy and more profitable core of the business. Besides the overall net sales increase for YOOX in Q4 FY 2026, the average spend per top-spending customer in terms of GMV grew by plus 12.3%. The average order value last 12 months decreased by minus 3.5% to EUR243 in Q4 FY 2026.

歐洲市場的強勁動能驗證了聚焦於更健康且更高獲利之核心業務的策略。除YOOX於2026財年第四季整體淨銷售額增加外，以GMV衡量的每位高消費頂級客戶平均消費額亦成長12.3%。在2026財年第四季，過去12個月的平均訂單金額（AOV）下降3.5%，至243歐元。

However, this was also driven by the reduced focus on the high AOV overseas markets. In Europe, excluding the UK, the AOV last 12 months increased by plus 2.1% in Q4 FY 2026. The gross profit margin decreased in Q4 FY 2026, driven by the mentioned de-stocking push.

然而，這也受到我們降低對海外高 AOV 市場關注度的影響。在歐洲（不含英國），過去 12 個月的 AOV 在 2026 財年第四季增加了 2.1%。2026 財年第四季的毛利率下降，主因是前述去庫存推進措施。

For the full FY 2026, the gross profit margin grew by plus 120 basis points to 38.5%, driven by a much more demand-driven pricing system, increasing the share of first price sales. YOOX customer satisfaction, measured by our internal NPS, reached 49.1% in Q4 FY 2026, increasing by 1,520 basis points compared to Q4 FY 2025, showcasing also the effect of the LuxExperience secret sauce on YOOX customer service operations.

2026 財年全年，毛利率提升 120 個基點至 38.5%，主要受更以需求為導向的定價體系帶動，提升了原價銷售占比。以我們內部 NPS 衡量的 YOOX 客戶滿意度在 2026 財年第四季達到 49.1%，較 2025 財年第四季提升 1,520 個基點，也展現 LuxExperience「秘方」對 YOOX 客服營運的成效。

All the above KPIs demonstrate that the strategic focus on the healthy core is resulting in much improved customer economics. In the fourth quarter of FY 2026, YOOX leveraged its 26th anniversary to drive brand engagement, consideration, and new customer acquisitions through flagship community events in Milan and Forte dei Marmi.

上述所有 KPI 顯示，聚焦健康核心業務的策略正帶來顯著改善的客戶經濟效益。在 2026 財年第四季，YOOX 借助其 26 週年，透過在米蘭與福爾泰代馬爾米舉辦的旗艦社群活動，推動品牌互動、考量度與新客獲取。

The corresponding social media campaigns generated over 30 million estimated reach, almost 550,000 campaign page visits, and nearly 1,000 new customer registrations. These initiatives successfully leveraged a brand milestone into measurable commercial and brand performance, reinforcing YOOX evolution into a culturally relevant lifestyle brand.

相應的社群媒體活動帶來超過 3,000 萬的估計觸及人次、近 55 萬次活動頁面造訪，以及接近 1,000 筆新客註冊。這些舉措成功將品牌里程碑轉化為可衡量的商業與品牌表現，強化 YOOX 朝向具文化相關性的生活風格品牌演進。

Please see our investor presentation for more details on these events and activations. To sum it up, the focus on a healthy core for YOOX and a lean operating model as part of our transformation plan is already showing great results. We are successfully rebuilding the position of YOOX as the leading destination for long-lasting luxury fashion, built around individual creativity, culture, and community. Martin will speak shortly to the tremendous improvements we made to the bottom line of YOOX in FY 2026.

關於這些活動與行銷啟動的更多細節，請參閱我們的投資人簡報。總結而言，作為轉型計畫的一部分，我們對 YOOX 健康核心的聚焦以及精實營運模式已展現出極佳成果。我們正成功重建 YOOX 作為「長青奢華時尚」首選目的地的地位，其核心圍繞個人創意、文化與社群。Martin 稍後將說明我們在 2026 財年對 YOOX 損益底線所做出的重大改善。

Now, after having reviewed the very strong commercial results and business improvements across all three reporting segments, I hand over to Martin to discuss the financial results in more detail.

現在，在回顧三個申報分部皆展現非常強勁的商業成果與業務改善之後，我把時間交給 Martin，請他更詳細說明財務結果。

Thank you, Michael. In this call, I will focus the top-line development on net sales and constant currency. Before I will provide you with more details on LuxExperience Group and individual segment performance, let me summarize the financial highlights looking back into the full fiscal year 2026 and fiscal Q4, ended June 30, 2026.

謝謝你，Michael。在本次電話會議中，我將以淨銷售額與固定匯率（constant currency）角度聚焦營收端的發展。在我提供更多關於 LuxExperience 集團與各分部表現的細節之前，先回顧截至 2026 年 6 月 30 日止的 2026 財年全年與第四季的財務重點摘要。

We have delivered on our full year guidance on top and bottom line. With one year into our transformation, we are already breaking even on adjusted EBITDA for the full year, have no bank debt in our balance sheet, and EUR442 million cash and cash investments, better than expected.

我們已達成全年指引，在營收端與獲利端皆符合預期。轉型推進一年後，我們全年調整後 EBITDA 已達損益兩平；資產負債表上沒有銀行負債；並持有 4.42 億歐元的現金及現金投資，優於預期。

In fiscal year 2026, we achieved significant cost savings in SG&A of around EUR55 million, or minus 9.9%. The last three months of the fiscal year, running from April to June, stood as an inflection point in our overall transformation.

在 2026 財年，我們在銷售、一般及行政費用（SG&A）方面實現約 5,500 萬歐元的顯著成本節省，約為 -9.9%。財年最後三個月（4 月至 6 月）成為我們整體轉型的轉折點。

Net sales in the quarter grew by plus 7.6% at LuxExperience, the highest in any quarter of this fiscal year. In fiscal Q4, we decreased our SG&A cost ratio by 400 basis points from 21.6% to 17.6% versus prior year Q4. Adjusted EBITDA margin for LuxExperience stood at a positive plus 2.1%, the third consecutive quarter with positive and increasing adjusted EBITDA.

本季 LuxExperience 的淨銷售額成長 7.6%，為本財年各季之最。在財年第四季，我們將 SG&A 成本率較去年第四季下降 400 個基點，從 21.6% 降至 17.6%。LuxExperience 的調整後 EBITDA 利潤率為正的 2.1%，連續第三季維持正值且持續提升。

These strong LuxExperience numbers are based on impressive performance at all segments. Mytheresa, again, with double-digit net sales growth in the quarter at plus 10.2% and further strong increase of adjusted EBITDA by plus 10.9% in the quarter compared to previous year.

這些強勁的 LuxExperience 數據，來自各分部皆有亮眼表現。Mytheresa 再次在本季實現雙位數淨銷售額成長，達 10.2%，且本季調整後 EBITDA 較去年同期再強勁成長 10.9%。

Inflection point at NET-A-PORTER, reporting plus 5.6% net sales growth for the first time, and also achieving positive adjusted EBITDA profitability in the quarter. YOOX as well, and for the first time, re-embarking on net sales growth with plus 6.6% in the quarter.

NET-A-PORTER 出現轉折點，首次呈報淨銷售額成長 5.6%，並在本季達成調整後 EBITDA 轉正獲利。YOOX 亦然，且首次重新回到淨銷售額成長軌道，本季成長 6.6%。

In addition, impressive profitability improvement at YOOX with a 920 basis points increase in adjusted EBITDA versus Q4 of fiscal year 2025. SG&A expenses at YOOX decreased by minus 20% versus the previous year quarter.

此外，YOOX 的獲利能力亦顯著改善，調整後 EBITDA 較 2025 財年第四季提升 920 個基點。YOOX 的 SG&A 費用較去年同期下降 20%。

As usual, I will first review in more detail LuxExperience performance at the total segments view and then walk you through our three business segments: Luxury Mytheresa, Luxury NET-A-PORTER and MR PORTER, and the off-price business of YOOX.

如同以往，我將先以整體分部視角更詳細回顧 LuxExperience 的表現，接著帶各位逐一檢視我們的三個業務分部：奢侈品 Mytheresa、奢侈品 NET-A-PORTER 與 MR PORTER，以及 YOOX 的折扣（off-price）業務。

As mentioned before in this call, I will focus top-line development on net sales in constant currency. Our GMV numbers follow a similar pattern and are, as always, fully disclosed in our press release, investor presentation, and annual report.

如本次電話會議先前所述，我將以固定匯率口徑的淨銷售額聚焦營收端發展。我們的 GMV 數據呈現相似趨勢，並一如既往在新聞稿、投資人簡報與年報中完整揭露。

In addition, all numbers in previous year include capitalized IT expenses for a true like-for-like comparison. We discontinued this practice for the acquisition. Unless otherwise stated, all numbers refer to EUR.

此外，為了真正做到同口徑（like-for-like）比較，去年所有數字均包含資本化的 IT 費用。我們在收購後已停止此作法。除非另有說明，所有數字均以歐元計。

LuxExperience grew net sales by plus 7.6% in fiscal Q4. This was the strongest quarter year over year growth in the fiscal year. In fiscal Q4, we achieved a positive adjusted EBITDA margin of plus 2.1%, marking our third consecutive quarter with positive adjusted EBITDA profitability.

LuxExperience 在財年第四季的淨銷售額成長 7.6%。這是本財年同比成長最強的一季。在財年第四季，我們達成正的 2.1% 調整後 EBITDA 利潤率，為連續第三季調整後 EBITDA 獲利為正。

The success is also visible in the strong sequential adjusted EBITDA margin improvement. Looking at the six-month period to reduce the seasonality effect. Fiscal H2 adjusted EBITDA margin improved by 220 basis points compared to fiscal H1.

成功也反映在調整後 EBITDA 利潤率強勁的連續改善上。我們以六個月期間來觀察，以降低季節性影響。財年下半年（H2）的調整後 EBITDA 利潤率較上半年（H1）提升 220 個基點。

For the full fiscal year 2026, and in line with our expectations, our adjusted EBITDA margin returned to positive territory, improving 260 basis points to 0.4% compared to the prior year. Please remember, this turnaround comes after years of YNAP with a persistent lack of profitability with a peak of a negative minus EUR175 million EBITDA in their fiscal year 2024.

就 2026 財年全年而言，且符合我們的預期，我們的調整後 EBITDA 利潤率回到正值區間，較前一年改善 260 個基點至 0.4%。請記得，這次扭轉是在 YNAP 多年持續缺乏獲利能力之後發生的，其在 2024 財年 EBITDA 曾達到負 1.75 億歐元的高峰。

As you know, one key driver of improved profitability is our focus on SG&A cost savings. In Q4, LuxExperience SG&A cost ratio improved significantly by 400 basis points to 17.6% compared to 21.6% in the prior year quarter.

如各位所知，獲利改善的一個關鍵驅動因素，是我們聚焦於 SG&A 成本節省。在第四季，LuxExperience 的 SG&A 成本率較去年同期 21.6% 顯著改善 400 個基點至 17.6%。

If you look in the course of FY 2026 and on a quarter-by-quarter basis, the SG&A cost ratio dropped in total by 430 basis points from 21.9% in Q1 to 19.1% in Q2, further improving to 18.3% in Q3 to now 17.6% in Q4 FY 2026. In the full FY 2026, SG&A expenses went down by EUR55 million or minus 9.9% of the cost base.

若以 2026 財年期間並按季度觀察，SG&A 成本率合計下降 430 個基點，從第一季的 21.9% 降至第二季的 19.1%，第三季進一步改善至 18.3%，到 2026 財年第四季降至 17.6%。在 2026 財年全年，SG&A 費用下降 5,500 萬歐元，約占成本基礎的 -9.9%。

In the fourth quarter of fiscal year, we generated a positive operating cash flow of plus EUR9 million. Operating cash burn in the full fiscal year was at minus EUR108 million, significantly better than the minus EUR120 million maximum operating cash burn communicated previously.

在財年第四季，我們產生正的營運現金流 900 萬歐元。全年營運現金消耗為負 1.08 億歐元，顯著優於先前溝通的全年營運現金消耗上限負 1.20 億歐元。

As mentioned before, the group ended the fiscal year with a continued strong balance sheet and no bank debt, holding cash and cash investments of EUR442 million. Noteworthy is that we have Citibank join our existing strategic banking partners, UniCredit, JP Morgan, and Commerzbank for our long-term value creation setup.

如前所述，本集團於財年結束時仍維持強健的資產負債表且無銀行負債，持有現金及現金投資 4.42 億歐元。值得一提的是，花旗銀行（Citibank）加入我們既有的策略性銀行合作夥伴——UniCredit、JP Morgan 與 Commerzbank——共同支持我們的長期價值創造布局。

With that, our banking RCF also increased by EUR25 million to now EUR125 million. Despite strong top-line growth, inventory on group level only increased by plus 3.7% compared to the end of the last fiscal year. We are pleased to share that on September 3, management received the authorization for a share repurchase program of our ADRs, which may be executed through an accelerated share repurchase program and at management’s discretion based on market conditions. We have not implemented the repurchase program as of now, and there’s no guarantee that we may do so.

因此，我們的銀行循環信貸融資（RCF）亦增加了2,500萬歐元，至目前的1.25億歐元。儘管營收端（top-line）強勁成長，集團層級的庫存相較上一財政年度期末僅增加3.7%。我們很高興分享，管理層已於9月3日獲授權啟動本公司ADR的股份回購計畫；該計畫可透過加速股份回購（ASR）方式執行，並由管理層依市場狀況酌情決定。截至目前我們尚未實施該回購計畫，且不保證我們一定會執行。

Let me now review the performance of our Mytheresa business. We have seen continued strong net sales growth on all comps. During the fourth quarter of FY 2026, net sales grew by plus 10.2% to EUR269.2 million compared to the prior year period. For the full year, net sales grew by plus 11.5% to EUR994.3 million. We continue to significantly take market share.

接下來我將回顧Mytheresa業務的表現。我們在所有可比口徑（comps）上持續看到強勁的淨銷售成長。在2026財年第四季，淨銷售較去年同期成長10.2%，至2.692億歐元。全年而言，淨銷售成長11.5%，至9.943億歐元。我們持續顯著提升市占率。

In Q4, Mytheresa’s gross profit margin increased by 150 basis points to 49.7% compared to 48.3% in Q4 FY 2025. For the full fiscal year, Mytheresa’s gross profit margin increased by 150 basis points to 48.5%. We were able to again significantly improve the gross profit margin driven by our successful focus on full price. Delivering a continuous gross profit margin increase while at the same time taking market share with double-digit top-line growth is a testament to the strength of our positioning.

第四季，Mytheresa的毛利率較2025財年第四季的48.3%提升150個基點至49.7%。就全年而言，Mytheresa的毛利率亦提升150個基點至48.5%。在我們成功聚焦正價（full price）策略的帶動下，我們再次顯著改善毛利率。在以兩位數營收成長擴大市占的同時，仍能持續提升毛利率，充分證明我們定位的強勁實力。

Subsequently, the adjusted EBITDA margin at Mytheresa expanded 20 basis points during the quarter to 6.6% as compared to 6.5% in the prior year period. For the full fiscal year, the adjusted EBITDA margin significantly improved by 140 basis points from 4.9% to 6.3%.

因此，Mytheresa的調整後EBITDA利潤率於本季擴大20個基點至6.6%，相較去年同期為6.5%。就全年而言，調整後EBITDA利潤率顯著提升140個基點，從4.9%升至6.3%。

On absolute terms, adjusted EBITDA grew by plus 39.8% to a record EUR62.3 million in the full fiscal year. At Mytheresa, IEEPA tariff refunds in Q4 had an insignificant effect of 50 basis points in the adjusted EBITDA margin.

以金額計，全年調整後EBITDA成長39.8%，達到創紀錄的6,230萬歐元。在Mytheresa，第四季IEEPA關稅退稅對調整後EBITDA利潤率的影響不顯著，約為50個基點。

In sum, and looking at the Mytheresa business model, we have successfully coped with various tariff situations in the past quarters and years, and expect to do so in the future. From FY 2024 to FY 2026, we were able to increase the adjusted EBITDA margin by 320 basis points.

總結而言，從Mytheresa的商業模式來看，我們在過去數季與數年已成功因應各種關稅情境，並預期未來亦能如此。自2024財年至2026財年，我們將調整後EBITDA利潤率提升了320個基點。

We are continuing our effective inventory management with inventory levels at Mytheresa up only plus 3.9%, despite continuous double-digit top-line growth. In fiscal year 2026, Mytheresa had a positive operating cash flow of around plus EUR20 million. Being able to achieve strong operating cash flow, even with double-digit top-line growth, highlights the reliability and resilience of our business model.

我們持續進行有效的庫存管理；儘管營收端持續兩位數成長，Mytheresa的庫存水位僅增加3.9%。在2026財年，Mytheresa的營運現金流約為正2,000萬歐元。即使在兩位數營收成長下仍能達成強勁的營運現金流，凸顯我們商業模式的可靠性與韌性。

Let me now comment on the NET-A-PORTER and MR PORTER segment in more detail. In the fourth quarter, NET-A-PORTER and MR PORTER delivered a clear turnaround across both top and bottom line, driven by strong execution of our new leadership teams and the success of our transformation plan. During the fourth quarter of fiscal year 2026, net sales increased by plus 5.6% to EUR273.9 million compared to prior year period. For the full fiscal year, net sales grew by 0.5% to EUR994.8 million.

接下來我將更詳細說明NET-A-PORTER與MR PORTER分部。第四季，NET-A-PORTER與MR PORTER在營收端與獲利端皆明顯扭轉局勢，主要受惠於新領導團隊的強力執行，以及轉型計畫的成功。在2026財年第四季，淨銷售較去年同期成長5.6%，至2.739億歐元。全年而言，淨銷售成長0.5%，至9.948億歐元。

This stands as an inflection point, as the NAP & MRP segment had experienced continued strong revenue decline in preceding years and in preceding quarters, as we accepted revenue decline with stronger focus on higher quality customer cohorts. It is reassuring to now report top-line growth on the basis of a much stronger customer file.

這是一個轉折點，因為NAP與MRP分部在前幾年及前幾季持續出現顯著營收下滑；當時我們接受營收下降，以更聚焦於更高品質的客群（customer cohorts）。如今能在更強健的客戶資料基礎上回報營收成長，令人感到安心。

In addition, our commitment to full price selling drove a strong gross profit margin increase of 160 basis points to 48.3% in the second half of fiscal year 2026, compared to the first half, while the gross profit margin decline in the quarter was driven by previous year effects.

此外，我們對正價銷售的承諾，推動2026財年下半年毛利率較上半年強勁提升160個基點至48.3%；而本季毛利率下滑則主要受去年同期基期因素影響。

For the full fiscal year 2026, the gross profit margin increased as well by 170 basis points from 45.9% in fiscal year 2025 to 47.5% in fiscal 2026. Lowering our cost base remains a central pillar of our transformation, and our SG&A cost improvements showed acceleration throughout fiscal year 2026.

就2026財年全年而言，毛利率亦提升170個基點，從2025財年的45.9%升至2026財年的47.5%。降低成本基礎仍是我們轉型的核心支柱，而我們在SG&A（銷售、一般及行政費用）成本改善方面於2026財年持續加速。

For Q4, our SG&A cost ratio improved 500 basis points year over year from 24.5% to 19.5%. The SG&A cost ratio in the second half of fiscal year 2026 improved by 350 basis points versus the first half of the fiscal year.

第四季，我們的SG&A費用率年對年改善500個基點，從24.5%降至19.5%。2026財年下半年的SG&A費用率亦較上半年改善350個基點。

In absolute terms, already in the first year of our transformation at the NAP & MRP segment, we achieved EUR29.8 million SG&A cost savings versus fiscal year 2025 or minus 11% of the cost base. In fiscal Q4, the 19.5% cost ratio at NAP & MRP was still 700 basis points higher than at Mytheresa, and thus still leaves significant opportunity for further cost savings, especially in tech and operations.

以金額計，在NAP與MRP分部轉型的第一年，我們相較2025財年已實現2,980萬歐元的SG&A成本節省，約等於成本基礎減少11%。在2026財年第四季，NAP與MRP的19.5%費用率仍比Mytheresa高出700個基點，因此仍有顯著的進一步節省空間，尤其是在科技與營運方面。

On the bottom line, we are very proud to report that this is our first quarter in fiscal year 2026 achieving positive adjusted EBITDA at NAP & MRP, coming in at a 2.7% margin. This milestone marks a significant step forward, representing an expansion of 230 basis points compared to Q4 of last year.

在獲利端方面，我們非常自豪地回報：這是NAP與MRP於2026財年首次在單季達成調整後EBITDA轉正，利潤率為2.7%。此一里程碑代表重大進展，較去年第四季擴大230個基點。

With this, H2 of fiscal year 2026 was also already positive on adjusted EBITDA level at a plus 1.2% margin versus minus 2.5% in fiscal H1. At NAP & MRP, IEEPA tariff refunds had a positive effect of 250 basis points in the adjusted EBITDA margin in the quarter.

因此，2026財年下半年在調整後EBITDA層級亦已轉正，利潤率為正1.2%，相較2026財年上半年為負2.5%。在NAP與MRP，IEEPA關稅退稅於本季對調整後EBITDA利潤率帶來正向影響250個基點。

The effect is stronger than at Mytheresa given the operational setup of NAP & MRP with a warehouse in the US and a higher US revenue share. Even if you take out the IEEPA tariff refund effect, fiscal Q4 would still be positive at NAP & MRP.

由於NAP與MRP的營運架構在美國設有倉庫且美國營收占比較高，因此其影響程度較Mytheresa更大。即使扣除IEEPA關稅退稅的影響，NAP與MRP在2026財年第四季仍將維持正的表現。

The NAP & MRP operational setup is fully capable of dealing with various tariff situations and is expected to continue to do so. Inventory levels at NAP & MRP are slightly up plus 5.5% to previous year, and going forward, we will continue to enable top-line growth at NAP & MRP with adequate working capital.

NAP與MRP的營運架構完全有能力因應各種關稅情境，並預期將持續如此。NAP與MRP的庫存水位較去年小幅增加5.5%；展望未來，我們將以充足的營運資金持續支持NAP與MRP的營收端成長。

Before reviewing YOOX financial performance, I want to note that following the successful sale of THE OUTNET at the end of April, we also concluded our transition services agreement with the buyer at the end of July 2026. Concluding this final step in the divestment allows us to fully concentrate our resources on driving our core off-price business at YOOX.

在回顧YOOX的財務表現之前，我想先說明：繼4月底成功出售THE OUTNET之後，我們亦於2026年7月底與買方完成過渡服務協議（transition services agreement）。完成剝離的最後一步，使我們得以將資源完全聚焦於推動YOOX的核心折扣（off-price）業務。

In line with our transformation plan, at YOOX, we’re focusing on the healthy core of the business, deprioritizing overseas markets with high cost to serve, and implementing a lean operating model supported by a simplified off-price tech environment.

依循我們的轉型計畫，在YOOX，我們聚焦於業務的健康核心，降低優先順序於服務成本高的海外市場，並在簡化的折扣業務技術環境支援下，導入精實的營運模式。

As Michael Kliger mentioned, and similar to NET-A-PORTER, we achieved top-line growth at YOOX already in the fourth quarter. Net sales for the quarter came in at EUR110.5 million, representing growth of plus 6.6%.

如Michael Kliger所提及，且與NET-A-PORTER類似，我們在YOOX於第四季已實現營收端成長。本季淨銷售為1.105億歐元，成長6.6%。

A key focus of our transformation is on implementing a highly efficient operational structure tailored to the lower AOV and slightly lower gross margin nature of the off-price business. Our SG&A cost ratio in H2 of fiscal year 2026, compared to H2 of the previous year, improved significantly by 560 basis points from 29.4% to 23.8%.

我們轉型的一個關鍵重點，是導入高度高效的營運架構，以因應特價（off-price）業務客單價（AOV）較低且毛利率略低的特性。2026 財政年度下半年（H2）的銷售、一般及行政費用（SG&A）費用率，相較前一年度下半年，顯著改善 560 個基點，從 29.4% 降至 23.8%。

This equals to EUR17.5 million absolute cost savings or minus 23.3% of the cost base. The acceleration is also visible throughout fiscal year 2026, as the H1 SG&A cost ratio was at 28.1%, 430 basis points higher than in H2 of fiscal year 2026, at 23.8%.

這相當於絕對成本節省 1,750 萬歐元，或成本基礎下降 23.3%。加速改善也可見於 2026 財政年度全年：上半年（H1）SG&A 費用率為 28.1%，較 2026 財政年度下半年 23.8% 高出 430 個基點。

On the back of these SG&A cost savings, adjusted EBITDA improved significantly in fiscal year 2026. The Q4 adjusted EBITDA margin in fiscal year 2026 was at minus 10.5% versus minus 19.8% in the previous year. This represents a 920 basis points margin improvement.

在這些 SG&A 成本節省的帶動下，2026 財政年度調整後 EBITDA 顯著改善。2026 財政年度第四季（Q4）調整後 EBITDA 利潤率為負 10.5%，相較前一年度的負 19.8%。這代表利潤率改善 920 個基點。

The acceleration during fiscal year 2026 is also visible in comparing the minus 7.8% margin in fiscal H2 with minus 10.9% in fiscal H1. A 310 basis points margin improvement from H1 to H2 of fiscal year 2026. Inventory levels at YOOX were stable at plus 0.3% versus previous year.

2026 財政年度內的加速改善也可從比較下半年負 7.8% 的利潤率與上半年負 10.9% 看出。2026 財政年度從上半年到下半年利潤率改善 310 個基點。YOOX 的庫存水位相較前一年維持穩定，為正 0.3%。

Let’s look ahead to fiscal year 2027, which has already started in July 2026. We are very proud of the significant progress achieved in fiscal year 2026, which will have a full year effect in fiscal year 2027, on top to additional measures already defined.

接著展望 2027 財政年度，該年度已於 2026 年 7 月開始。我們對 2026 財政年度取得的重大進展深感自豪；這些成果將在 2027 財政年度產生全年效益，並且還會疊加已經制定的其他措施。

Supported by our transformation activities in fiscal year 2026, net sales showed an increase of plus 3.2%. With the top-line success of Q4 and our visibility into Q1 of fiscal year 2027, we expect to grow mid to high single digit at group level for fiscal year 2027 in total.

在 2026 財政年度轉型活動的支持下，淨銷售額成長正 3.2%。憑藉第四季在營收端的成功，以及我們對 2027 財政年度第一季（Q1）的能見度，我們預期 2027 財政年度集團整體將達到中至高個位數的成長。

On bottom line, in fiscal year 2026, we achieved a breakeven for the full year and a plus 1.7% adjusted EBITDA margin in H2 of fiscal year 2026. For fiscal year 2027, we expect the adjusted EBITDA margin at around 2% to 3%.

在獲利端方面，2026 財政年度我們全年達成損益兩平，且 2026 財政年度下半年調整後 EBITDA 利潤率為正 1.7%。對於 2027 財政年度，我們預期調整後 EBITDA 利潤率約為 2% 至 3%。

To give you some broader commercial context on the business, I would also like to provide indications for our three segments. At Mytheresa, for fiscal year 2027, on top line, we expect continued high single digit to low double-digit growth and adjusted EBITDA profitability slightly better than in full fiscal year 2026.

為了提供更廣泛的商業脈絡，我也想就我們三個事業部門提供一些指引。在 Mytheresa，2027 財政年度在營收端我們預期將持續維持高個位數至低雙位數成長，而調整後 EBITDA 獲利能力將略優於 2026 財政年度全年。

At [NET MR P], continued growth top line, mid-single digit, and around 100 to 200 basis points adjusted EBITDA margin improvement compared to full fiscal year 2026, not compared to Q4. At YOOX, we expect mid-single digit top-line growth, with the adjusted EBITDA margin remaining negative in the mid-single digit range. We expect to reach adjusted EBITDA break even at YOOX in fiscal year 2028.

在 [NET MR P]，營收端將持續成長，為中個位數；調整後 EBITDA 利潤率相較 2026 財政年度全年（非相較第四季）預期改善約 100 至 200 個基點。在 YOOX，我們預期營收端中個位數成長，但調整後 EBITDA 利潤率仍將為負，約落在中個位數區間。我們預期 YOOX 將於 2028 財政年度達成調整後 EBITDA 損益兩平。

Given the seasonality of our business, the strong fiscal Q4 performance for the group should not be expected throughout fiscal year 2027. Fiscal Q1 and Q3 usually have a lower performance, and fiscal Q2 and Q4 have a stronger performance than the average.

鑑於我們業務的季節性，集團強勁的財政年度第四季表現不應被預期會貫穿整個 2027 財政年度。第一季與第三季通常表現較弱，而第二季與第四季通常較平均水準更強。

For the current fiscal Q1, which runs from July to September 2026, we are very pleased with the performance. Therefore, on group level, we expect high single-digit net sales growth and a just slightly negative adjusted EBITDA margin, which is a strong improvement to prior year’s adjusted EBITDA margin. We expect a significantly improved Q1 performance.

就目前的財政年度第一季（自 2026 年 7 月至 9 月）而言，我們對表現非常滿意。因此，在集團層面，我們預期淨銷售額將呈現高個位數成長，調整後 EBITDA 利潤率僅略為負值，較前一年度的調整後 EBITDA 利潤率有顯著改善。我們預期第一季表現將大幅提升。

Beyond fiscal year 2027, we expect on top line a 10% to 15% CAGR in the next years. On bottom line, and in the years after fiscal year 2027, we expect an annual 150 to 250 basis points increase in adjusted EBITDA profitability until we reach 7% to 9% adjusted EBITDA margin medium-term at EUR4 billion net sales.

在 2027 財政年度之後，我們預期未來幾年營收端的年複合成長率（CAGR）為 10% 至 15%。在獲利端方面，於 2027 財政年度之後的年度，我們預期調整後 EBITDA 獲利能力每年提升 150 至 250 個基點，直到在淨銷售額 40 億歐元的情境下，中期達到 7% 至 9% 的調整後 EBITDA 利潤率。

We have a strong cash position today and anticipate the remaining transformation in the next two years to absorb another EUR150 million-EUR250 million total cash burn. We therefore expect to have a significant cash buffer during and after the transformation of a minimum of around EUR200 million to EUR300 million without adding any cash utilization of our RCFs.

我們目前現金部位強勁，並預期未來兩年剩餘的轉型將再吸收合計約 1.5 億至 2.5 億歐元的現金消耗（cash burn）。因此，我們預期在轉型期間及轉型之後，將維持顯著的現金緩衝，最低約 2 億至 3 億歐元，且不需動用我們循環信貸額度（RCF）的任何資金使用。

On September 3, management received the authorization for a share repurchase program of our ADRs, which may be executed through accelerated share repurchases and at management’s discretion based on market conditions. We have not implemented the repurchase program as of now, and there is no guarantee that we may do so. In summary, we are at an inflection point for LuxExperience.

9 月 3 日，管理層獲授權啟動我們 ADR 的庫藏股回購計畫；該計畫可透過加速股份回購方式執行，並由管理層依市場狀況酌情決定。截至目前我們尚未執行該回購計畫，且並不保證一定會執行。總結而言，LuxExperience 正處於轉折點。

After the first year of our transformation, we are already breaking even on adjusted EBITDA. All segments are set for further growth in fiscal year 2027 to take significant market share and in total, a 2% to 3% adjusted EBITDA margin. We expect to grow even stronger with further improving industry sentiment.

在轉型的第一年之後，我們的調整後 EBITDA 已經達到損益兩平。所有事業部門在 2027 財政年度都已準備好進一步成長、取得顯著市占，整體調整後 EBITDA 利潤率達 2% 至 3%。隨著產業情緒進一步改善，我們預期成長將更為強勁。

The turnaround of YNAP is bearing fruit with significant sequential and accelerating SG&A cost savings and adjusted EBITDA improvements. We have a significant cash buffer to weather any further macro uncertainties. We are committed to continue our track record of diligently executing our plans and delivering what we target.

YNAP 的扭轉已開始見效，SG&A 成本節省與調整後 EBITDA 改善呈現顯著的逐季提升並加速。我們擁有可因應任何進一步總體經濟不確定性的顯著現金緩衝。我們承諾將持續一貫地嚴謹執行計畫，並交付我們所設定的目標。

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

接下來我把時間交給 Michael，請他做結語。

Thank you, Martin. LuxExperience is the one and only digital destination for luxury enthusiasts worldwide. The strength of our businesses is based on resilient business models and superior custom economics. The results of Q4 fiscal year 2026 underline this and show the tremendous progress we have achieved in our transformation plan in just the last 12 months.

謝謝你，Martin。LuxExperience 是全球奢侈品愛好者唯一且首選的數位目的地。我們業務的強勁基礎來自具韌性的商業模式與優異的單位經濟效益。2026 財政年度第四季的結果再次印證了這一點，並顯示我們在過去 12 個月內於轉型計畫上取得了巨大的進展。

We have delivered on our fiscal year guidance. Mytheresa, again, performed best in class in the sector. NET-A-PORTER and MR PORTER achieved a clear turnaround, and YOOX is in high gear to achieve the same. We have proven that at LuxExperience, we possess the secret sauce in digital luxury. You just heard from Martin, for fiscal year 2027, we now expect a further acceleration of top-line growth and even healthier profitability.

我們已達成財政年度指引。Mytheresa 再次在同業中展現最佳表現。NET-A-PORTER 與 MR PORTER 已明顯扭轉局勢，而 YOOX 也正全速推進以達成同樣成果。我們已證明 LuxExperience 擁有數位奢侈品領域的致勝關鍵。正如你剛才聽 Martin 所說，對於 2027 財政年度，我們現在預期營收端成長將進一步加速，且獲利能力將更為健康。

As a group, we are well-positioned to benefit from the sustained growth of digital luxury and the improvements in the global luxury sector. We expect to continue to generate enormous value for our customers, brand partners, and shareholders.

作為集團，我們已做好充分布局，可受惠於數位奢侈品的持續成長以及全球奢侈品產業的改善。我們預期將持續為客戶、品牌合作夥伴與股東創造龐大價值。

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

接下來，我請接線員開放線路供各位提問。

We will now begin the question and answer session. (Operator Instructions)

我們現在開始問答環節。(接線員指示)

Oliver Chen, TD Cowen.

Oliver Chen，TD Cowen。

Especially in the US, very impressive. Regarding the guidance and the modeling, what should we know about gross margin relative to SG&A, and how are you seeing merchandise margins evolving for next year in terms of promotional levels and what may happen for gross margin?

尤其是在美國，表現非常亮眼。關於指引與模型建構，我們應該如何理解毛利率相對於 SG&A 的關係？另外，就明年在促銷強度（promotional levels）以及可能對毛利率造成的影響而言，你們如何看待商品毛利（merchandise margins）的演變？

Michael, it would also be helpful to brief us a bit on what you are seeing regionally between all the momentum and share gains in the US relative to Europe and any distinctions that you would want to make there, because there are many different crosswinds happening globally.

Michael，如果你也能就你在區域面所觀察到的情況，特別是美國相較於歐洲在動能與市占提升方面的差異，以及你認為需要特別區分說明之處，為我們做一些簡要說明，將會很有幫助，因為全球目前有許多不同的逆風因素同時發生。

Finally, on ERP platform migration, where are you with that? You have made a lot of progress, but would love any milestones we should pay attention to. The YOOX repositioning seems quite compelling, but as we look ahead, it sounds like you are looking for the negative mid-single-digit range still, but would love puts and takes on profitability there given the repositioning underway. Thanks a lot.

最後，關於 ERP 平台遷移，你們目前進度到哪裡了？你們已經取得很多進展，但也希望了解有哪些里程碑是我們應該特別關注的。YOOX 的重新定位看起來相當有吸引力，但展望未來，聽起來你們仍預期會落在負的中個位數區間；也希望你們能分享在重新定位進行中的情況下，該業務獲利能力的正負因素（puts and takes）。非常感謝。

Okay. Let me take on the geography and ERP questions, Oliver, and then Martin takes on the margin and YOOX profitability. Geography-wise, as stated, the US is, at the moment, the fastest-growing digital luxury market. The growth rates we deliver for us clearly indicate we are taking market share because this is even better than what we see and hear from others in the US market.

好的。Oliver，我先回答地理區域與 ERP 的問題，接著 Martin 會回答毛利率與 YOOX 獲利能力的問題。就地理區域而言，如先前所述，美國目前是成長最快的數位奢侈品市場。我們所交出的成長率清楚顯示我們正在取得市占，因為這甚至優於我們在美國市場從其他人那裡看到與聽到的情況。

The US consumer is really willing to spend, particularly at the very high end that we focus on. Europe continues to be a good market, but Europe is polarized regionally, but also probably even more polarized by the different segments. We see real pockets of strengths where wealth has agglomerated, be it Italy, be it Spain, Portugal, Greece. There is a lot of influx of new money.

美國消費者確實願意消費，尤其是在我們所聚焦的超高端領域。歐洲仍然是一個不錯的市場，但歐洲在區域之間呈現兩極化，同時也可能在不同客群/品類區隔上更為兩極化。我們看到財富聚集之處出現明顯的強勁需求，例如義大利、西班牙、葡萄牙、希臘。有大量新資金流入。

But Europe is also a great success case for YOOX. It is to us no surprise because at the same time, we see in some markets really sluggish demand for luxury products, be it France, Germany, and I mean domestic, not tourism demand. But here the polarization is of course also helping us on the other end of the portfolio spectrum with YOOX success.

但歐洲同時也是 YOOX 的一個重大成功案例。這對我們而言並不意外，因為同一時間我們也看到某些市場對奢侈品的需求非常疲弱，例如法國、德國——我指的是本地需求，而非觀光需求。不過，這種兩極化當然也在我們投資組合的另一端，透過 YOOX 的成功而對我們有所助益。

Middle East, the demand has come back. Arabian Peninsula, demand has come back, but of course, there are still weekly, monthly swings to the positive or to the negative. Also a lot of the demand of our customers in the last months happened abroad. So we will see how much the domestic demand of those clients that we continue to serve 12 months around will pick up as we move now back to the region September, October, November.

中東方面，需求已經回來了。阿拉伯半島的需求已回升，但當然仍會出現每週、每月的正向或負向波動。此外，我們客戶在過去幾個月的許多需求其實發生在海外。因此，當我們在 9 月、10 月、11 月回到該地區時，我們將觀察這些我們全年 12 個月持續服務的客戶，其本地需求會回升到什麼程度。

Lastly, Greater China. We believed at the beginning of the year we will see the bottom, and it will rapidly improve. The summer was disappointing, while Southeast Asia still offers opportunities. But for NET-A-PORTER, MR PORTER, for Mytheresa, the US is the focus. That is where our marketing spend pays off nicely. For YOOX, it is really the core market, Europe, 23% growth in the last quarter. Fantastic for that business. So we are very pleased with that.

最後是大中華區。我們在年初時相信會看到觸底，並且會快速改善。但今年夏季令人失望，而東南亞仍提供一些機會。不過對 NET-A-PORTER、MR PORTER 以及 Mytheresa 而言，美國是重點。我們的行銷支出在那裡能帶來很好的回報。至於 YOOX，核心市場確實是歐洲，上季成長 23%。對該業務而言非常出色。因此我們對此非常滿意。

On the ERP side, we make continuous progress. We will have a big replacement of many different elements. The HRS system has already been introduced globally in May. The ERP system for NET-A-PORTER, MR PORTER has been upgraded to Business Central and is live, so we have done the switch. ERP upgrades can be quite disturbing to business. We have done so with very little disturbance to the business.

在 ERP 方面，我們持續取得進展。我們將會大幅替換許多不同的系統要素。HRS 系統已於 5 月在全球導入。NET-A-PORTER、MR PORTER 的 ERP 系統已升級至 Business Central 並已上線，因此我們已完成切換。ERP 升級可能會對業務造成相當大的干擾。我們在對業務影響極小的情況下完成了這次升級。

We are running now on Business Central, both Mytheresa and NET-A-PORTER, MR PORTER. There will be another big system upgrade in autumn on all the buying and merchandising business operations in NET-A-PORTER, MR PORTER and the webshop migration continues to progress very well. We had the very first demo sessions on the app, on the website. We are fully in line, if not even slightly ahead on the systems upgrades. Martin?

目前 Mytheresa 以及 NET-A-PORTER、MR PORTER 都已在 Business Central 上運行。今年秋季，NET-A-PORTER、MR PORTER 在採購與商品企劃（buying and merchandising）的所有業務營運上，還會有另一個大型系統升級；同時網店（webshop）遷移也持續進展得非常順利。我們已經進行了第一輪 App 與網站的展示（demo）會議。在系統升級進度上，我們完全符合計畫，甚至略微超前。Martin？

Yeah, happy to take the margin questions. Oliver, exactly as you say, the profitability improvement is coming from top line, but also on a cost ratio perspective or income ratio on gross profit margin, where we expect continuous further improvement and especially on the SG&A cost ratio, especially at NET-A-PORTER, MR PORTER and YOOX. There are significant improvements and also the top line will obviously help also on the cost ratio to get that closer to the Mytheresa benchmark level.

好的，我很樂意回答毛利率的問題。Oliver，正如你所說，獲利能力的改善來自營收成長，同時也來自成本比率的角度，或以毛利率所帶動的收入比率角度來看；我們預期會持續進一步改善，尤其是在 SG&A 費用率方面，特別是 NET-A-PORTER、MR PORTER 與 YOOX。我們看到顯著改善，而營收成長也顯然會幫助費用率下降，使其更接近 Mytheresa 的標竿水準。

YOOX especially, we had in the full fiscal year 2026, reported top line decline minus 8.4%, and we guide fiscal year 2027 to mid-single digit decline, driven by what Michael said. We focus on the European geography with continuous focus on the healthy core customer because we are really focusing on turning YOOX around and significantly increasing profitability.

就 YOOX 而言，2026 財年全年我們公告的營收年減為 -8.4%，而我們對 2027 財年的指引為中個位數下滑，原因如 Michael 所說。我們聚焦於歐洲市場，同時持續聚焦健康的核心客群，因為我們確實正專注於扭轉（turnaround）YOOX，並顯著提升獲利能力。

For fiscal year 2026, we reported a minus 9.4% adjusted EBITDA margin, and for fiscal year 2027 now with the continuous efforts that we’re doing especially on SG&A, then guide to a mid-single digit negative profitability. Again, almost halving the losses there. Also I had earlier communicated that for fiscal year 2028, we clearly target and expect the turnaround at YOOX on adjusted EBITDA level.

2026 財年，我們公告的調整後 EBITDA 利潤率為 -9.4%；而在 2027 財年，隨著我們持續推動各項措施、尤其是在 SG&A 方面的努力，我們指引為負的中個位數獲利水準。換言之，虧損幾乎減半。此外，我先前也曾溝通，對於 2028 財年，我們明確以調整後 EBITDA 層級為目標並預期 YOOX 能實現扭轉。

Thank you. Best regards.

謝謝。敬祝順心。

Blake Anderson, Jefferies.

Jefferies 的 Blake Anderson。

Thanks for taking my question. I wanted to start off with the guidance, in terms of the mid to high single-digit sales growth. Sounds like you guided high single for Q1, so it is off to a stronger start. How should we think about the likelihood that for the full year you reach high single versus slowing down to mid-single. Just wondering how you are thinking about the back half. Are you being prudent or are there puts and takes to think about why the business might slow in Q2 through Q4?

謝謝讓我提問。我想先從指引談起，關於中到高個位數的銷售成長。聽起來你們對 Q1 的指引是高個位數，因此開局更強。我們應該如何看待全年達到高個位數、相較於放緩至中個位數的可能性？想請教你們對下半年的看法。你們是採取保守（prudent）的作法，還是有哪些正負因素（puts and takes）需要考量，可能導致業務在 Q2 到 Q4 放緩？

Blake, thanks for the question. The good thing is as we report now and the Q1 is almost finished, we obviously have clear visibility in Q1 and are very happy with the overall performance. So fiscal year 2026 was strong. We enter fiscal year 2027 with a strong Q1, which is great.

Blake，謝謝你的問題。好消息是，因為我們現在正在對外報告，而 Q1 也幾乎結束了，我們對 Q1 當然有很清楚的能見度，並且對整體表現非常滿意。因此 2026 財年表現強勁。我們以強勁的 Q1 進入 2027 財年，這非常好。

Obviously, as you know, there are multiple factors, not only on seasonality, how Q2 and Q4 will play out, our strong quarters, fiscal Q2 and Q4, and how fiscal Q3 will turn out as we had a very strong fiscal Q3 in the last. This is clearly too early to tell.

如你所知，影響因素很多，不僅是季節性，還包括 Q2 與 Q4 的表現方式——這兩季是我們的強勁季度（財年 Q2 與 Q4）——以及在去年財年 Q3 非常強勁的基期下，今年財年 Q3 會如何發展。現在要下定論顯然還太早。

But to guide for the whole group to mid to high single digits, I think is a huge progress that we saw in Q4 and then now guide for the full fiscal year. Obviously that implies, and we also gave a bit of a color on the segment performance, that all three segments have strong top-line growth. Mytheresa, NET-A-PORTER, MR PORTER, and YOOX. So continued commercial success and we are really happy, and therefore have a strong guidance for fiscal year 2027.

但就整個集團給出中到高個位數的指引，我認為這是我們在 Q4 所看到的巨大進展，並且現在也對整個財年給出指引。這顯然也意味著——我們也對各事業部表現提供了一些補充說明——三個事業部都將有強勁的營收成長。Mytheresa、NET-A-PORTER、MR PORTER，以及 YOOX。因此商業表現持續成功，我們非常開心，也因此對 2027 財年給出強勁的指引。

Thank you. As a follow-up on the Mytheresa AOV growth remains double digits. It seems like that’s really driving the business with shipments closer to flat. Can you talk about the drivers of that AOV growth? Anything in terms of like-for-like price increase, category mix, units per transaction, anything about that, and sustainability of AOV into 2027, that double-digit growth? If I could also ask on YOOX. Q4 was really strong, led by Europe, as you called out. Curious if there’s any more color you can provide on the strength there in that region in Q4.

謝謝。接續追問關於 Mytheresa，AOV 的成長仍維持雙位數。看起來在出貨量接近持平的情況下，這確實在帶動業務。您能談談推動 AOV 成長的因素嗎？例如同店價格上調、品類組合、每筆交易件數等，還有 AOV 到 2027 年維持雙位數成長的可持續性？另外我也想問一下 YOOX。第四季表現非常強勁，主要由歐洲帶動，正如您提到的。想請教您能否就該區域第四季的強勢表現提供更多細節。

Sure. Happy to jump in on this. Clearly, high AOV is really helping on unit economics, so we are very happy that we have achieved now EUR875 at Mytheresa, and we already have EUR885 at NET-A-PORTER, MR PORTER.

當然。很樂意就此回應。很明顯，高 AOV 對單位經濟效益非常有幫助，因此我們很高興 Mytheresa 現在已達到 875 歐元，而 NET-A-PORTER、MR PORTER 也已達到 885 歐元。

Drivers for this are the growing importance of the top customers. Top customers per definition and per reality always have a higher basket value. They shop higher item value items. So, it’s a mix effect that shows for the company. If the share of the business with top customer goes up to almost 50%, the EUR1,200, EUR1,300 AOV baskets of those customers take a bigger weight without significantly changing the items.

其驅動因素在於頂級客戶的重要性日益提升。頂級客戶無論在定義上或實際上，購物籃金額一向更高。他們購買單價更高的商品。因此，這對公司而言呈現為組合效應。當頂級客戶的業務占比提升到接近 50% 時，這些客戶 1,200 歐元、1,300 歐元的 AOV 購物籃占比變得更高，而商品本身並未顯著改變。

We do see also another big influence is the increasing expansion of fine jewelry. We have Bulgari on Mytheresa. We launched Piaget on Mytheresa. We have Cartier, Vacheron. So we have a really good representation and see increasing appetite for also fine jewelry in the range of EUR20,000-EUR80,000 per piece. So that also drives, but fully pays into the focus on top customers.

我們也看到另一個重大影響因素是高級珠寶品類的持續擴張。Mytheresa 上有寶格麗（Bulgari）。我們在 Mytheresa 上線了伯爵（Piaget）。我們也有卡地亞（Cartier）、江詩丹頓（Vacheron）。因此我們的品牌陣容非常完整，並看到市場對單件 20,000 至 80,000 歐元區間的高級珠寶需求日益增加。這也帶動了 AOV，同時完全契合我們聚焦頂級客戶的策略。

On the success in Europe, there is a polarization and there is, of course, the, let’s call it for a better word, middle-class luxury spend customer who think twice now how much they spend. There is inflationary pressure. There’s energy prices. So we believe having YOOX in the portfolio that offers luxury fashion at deeper discounts because they’re off season, because they’re one-year-old items. But for people that want to have great brands at those prices, it’s a great offer, and the focus on Europe is engineered.

至於歐洲的成功，市場出現兩極化；當然也存在（姑且用一個較貼切的說法）中產階級的奢侈品消費者，他們現在在花費上會更三思。通膨壓力存在。能源價格也在上升。因此我們認為，投資組合中擁有 YOOX 很重要；它提供更深折扣的奢侈時尚商品，因為是過季、因為是上一年款。但對於想以這些價格買到優質品牌的人來說，這是很好的選擇，而聚焦歐洲是經過策略性設計的。

We have an AOV of EUR250 to EUR243, I believe, in YOOX, and so it makes much more sense to incur shipping costs for Europe, for the continent, than trying to compete, at this stage in the US or in Japan for big business. That may change in the future, but at the moment, we focus on the healthy core.

YOOX 的 AOV 約為 250 歐元到 243 歐元（我記得是這個區間），因此相較於此階段在美國或日本爭奪大規模業務，將運費成本投入在歐洲、在歐洲大陸市場更有意義。未來可能會改變，但目前我們專注於健康的核心市場。

That’s very helpful. Thank you so much.

非常有幫助。非常感謝。

Anna Glaessgen, B. Riley.

Anna Glaessgen，B. Riley。

Hi. Good morning. Thanks for taking my question. I had a few on NET-A-PORTER and MR PORTER. First, great to see the acceleration ex-FX in the US from 3.7 to 15.1. Curious if you can unpack if there was anything one time in the quarter that we should be aware of.

您好。早安。謝謝讓我提問。我有幾個關於 NET-A-PORTER 和 MR PORTER 的問題。首先，很高興看到美國市場在剔除匯率影響後的增速從 3.7 加速到 15.1。想請教您能否拆解一下，該季度是否有任何一次性因素需要我們留意。

Secondly, in the past, you’ve discussed bringing up the marketing spend to be at parity with the Mytheresa business. Now that you’ve invested more in marketing, are you satisfied with this level of marketing spend? Thanks.

第二，過去您曾提到要把行銷支出提高到與 Mytheresa 業務相當的水準。現在您已加大行銷投入，是否對目前的行銷支出水準感到滿意？謝謝。

There’s no one-time effect that drove the really nice top line for NET-A-PORTER, MR PORTER in the US. It’s just our marketing gets better, our curation gets better. We upgraded or completely changed our customer messaging. Backboned, ripped out the old infrastructure, put in new infrastructure.

沒有任何一次性因素推動 NET-A-PORTER、MR PORTER 在美國的亮眼營收表現。只是我們的行銷做得更好、選品策劃更好。我們升級或徹底改造了客戶溝通訊息。以新架構為骨幹，移除舊的基礎設施，導入新的基礎設施。

Our storytelling has completely been redone by the team since January, and all of that resonates. Then you put on top of it a lot of activations, of course, also focused on the US customers, focused on the US market. That’s the formula, and it’s not defining the formula, it’s executing that makes a difference.

自一月以來，我們的團隊已全面重做品牌敘事內容，而這些都產生了共鳴。此外，我們也進行了大量活動推廣，當然也聚焦美國客戶、聚焦美國市場。這就是方法；而真正帶來差異的不是定義方法，而是執行。

Therefore, our guidance that Martin laid out is completely based on continuing exactly on that trajectory so that the last quarter was not a one-time off. We will see continued success. NET-A-PORTER and MR PORTER, almost 50% of their business is based in the US, so that always has been and will be a strong hold. We just kicked off New York Fashion Week with big campaigns, big events also by NET-A-PORTER in New York. Thus, this is not a one-off, this is a continuation.

因此，Martin 所提出的指引完全建立在持續沿著同樣軌跡前進的基礎上，上一季並非一次性的偏高。我們將持續看到成功。NET-A-PORTER 與 MR PORTER 的業務中，接近 50% 來自美國，因此美國一直是、也將持續是其強勢市場。我們剛以大型行銷活動與大型事件在紐約啟動紐約時裝週，NET-A-PORTER 也在紐約舉辦了大型活動。因此這不是一次性，而是延續。

Marketing expense, we are very happy with what we see. It is a dual effort. The marketing cost of NET-A-PORTER have a higher share of editorial content. We launched a PORTER magazine cover with Cindy Crawford.

關於行銷費用，我們對目前看到的結果非常滿意。這是一個雙軌並進的努力。NET-A-PORTER 的行銷成本中，編輯內容的占比更高。我們推出了由 Cindy Crawford 擔任封面的 PORTER 雜誌。

On that basis, we had an event last week with Cindy and her friends in New York. We launched a PORTER magazine with Serena Williams on it, and she also attended the event. That is an important part of it. Then also digital marketing.

在此基礎上，我們上週在紐約與 Cindy 及其朋友舉辦了一場活動。我們推出了封面人物為 Serena Williams 的 PORTER 雜誌，她也出席了該活動。這是其中很重要的一部分。另外也包括數位行銷。

We completely exchanged the tools and, more important, the algorithms, and get better and better now. Something we have done since 2017 on MYTHERESA. All of that pays off, but we have just started. There is so much more we can do, and it works. We are very happy with the spending level, and if we see more opportunity, we will actually spend more.

我們已全面更換工具，更重要的是更換演算法，現在效果愈來愈好。這是我們自 2017 年起在 MYTHERESA 就一直在做的事。這些都開始產生回報，但我們其實才剛起步。我們還有很多可以做的，而且確實有效。我們對目前的支出水準非常滿意；如果看到更多機會，我們實際上會投入更多。

This concludes today’s call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。