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Original-Research: Mister Spex SE - from Quirin Privatbank
Kapitalmarktgeschäft

29.08.2025 / 10:17 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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Classification of Quirin Privatbank Kapitalmarktgeschäft to Mister Spex SE

Company Name: Mister Spex SE
ISIN: DE000A3CSAE2

Reason for the research: Update
Recommendation: Buy
from: 29.08.2025
Last rating change:
Analyst: Ralf Marinoni

Q2-25: Gross margin increase of 504 basis points to 53.7%

Mister Spex significantly increased its profitability in Q2-25. Despite a
sales decline of 22% yoy to EUR 53m due to fewer discount campaigns in the
online business and the resulting lower demand in the sunglasses segment;
the more profitable product mix increased the gross margin by 504 basis
points to 53.7%. The decline in sales reflects a deliberate strategic
prioritization of profitability and cost efficiency over volume-driven
growth. The main drivers of improved profitability were a consistent pricing
policy, strict cost control, and an improved product mix with prescription
eyewear accounting for 38% of sales, compared to 32% in the same quarter of
the previous year, particularly due to the growing business with the
high-margin premium private label "SpexPro." As a result, EBIT improved by
EUR 3m to EUR -4.3m. This development underlines the progress made by the
"SpexFocus" transformation program, which was launched in August 2024 to
sustainably increase the company's profitability. The company confirmed its
FY 2025 guidance.
Mister Spex has started initiatives that clearly focus on sustainable growth
and profitability; we therefore confirm our Buy recommendation and the EUR
5.00 TP.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=95275540dd8a45ade9002dbcc8aa52e1
For additional information visit our website:
https://research.quirinprivatbank.de/

Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/

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2190748 29.08.2025 CET/CEST

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