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

14.11.2025 / 13:26 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: 14.11.2025
Target price: 5.00
Last rating change:
Analyst: Ralf Marinoni

FY 2025 guidance confirmed

Mister Spex continues its performance from earlier in the year into Q3:
lower sales due to a reduction in discount campaigns and withdrawal from
low-margin international markets. However, there has also been a significant
increase in gross margin and a reduction in bottom-line losses, particularly
due to the increased share of prescription glasses in stores. The company
has begun acquiring profitable optician businesses, which is good news.
Mister Spex confirmed its FY 2025 guidance and expects a decline in net
revenue of 10% to 20% and an EBIT margin between -5% and -15%. We confirm
our Buy recommendation and the long-term EUR 5.00 TP.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=a079d82141309ba7d61e9f8e2972a382
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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2230212 14.11.2025 CET/CEST

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