Slide 1: Q1 2026 results presentation
Q1 202 6 results presentation Q1 2026 results presentation 7 May 2026
Slide 2: Agenda
Q1 202 6 results presentation Agenda Strategy update Financial update & guidance Q&A 2
Slide 3: Building a scalable and resilient operating model based on a solid core business
Q1 202 6 results presentation Mister Spex is building a scalable and resilient operating model based on a solid core business SOLI D FOUNDATION NE XT HORIZON Strengthen the core business. Building as scalable and resilient operating model. 3
Slide 4: Solid foundation for a strong optical business
Q1 202 6 results presentation Solid foundation for a strong optical business Optical Expertise Customer Convenience Curated portfolio (incl. ~80 Brands) • Home trial • 120+ qualified opticians • >8.000 Eye health checks Mister Spex Switch • 26% premium glasses share Digital Native Store Network 8 Mi
Slide 5: We cover all relevant key market trends
Q1 202 6 results presentation We cover all relevant key market trends WHERE THE MARKET IS HEADING¹ WHAT WE ALREADY DO Subscription Mister Spex Switch Customers shift from one-off purchase to recurring models. Customers rent instead of buying, matching different (3+ yrs → 1+ yr cycle) use cases, driv
Slide 6: Continuous Improvement Flywheel: Four structural enablers
Q1 202 6 results presentation Continuous Improvement Flywheel: Four structural enablers for a resilient and scalable operating model Built to Scale k Artifi Built to Accelerate ac cia St lI d nt fie AS SCALE ENGINE AS BUSINESS ACCELERATOR ell Uni ige nce Continuous Improvement Built for Value Flywhe
Slide 7: Unified Stack: An integrated platform for automating key processes
Q1 202 6 results presentation Unified Stack: An integrated platform for automating key processes across online and offline channels. WHAT IT DOES ➢ One platform, one data layer, one customer view. ➢ Every new store, partner, or service connects seamlessly. ➢ A unified data foundation for everything
Slide 8: Artificial Intelligence: AI as an operating layer
Q1 202 6 results presentation Artificial Intelligence: AI as an operating layer for scalable efficiency and growth WHAT IT DOES ➢ AI-driven architecture on top of the unified stack data foundation. ➢ Enables automation, personalization, and predictive steering of key business processes. ➢ Turns infr
Slide 9: Operating Leverage: Declining marginal costs
Q1 202 6 results presentation Operating Leverage: Declining marginal costs through a scalable, non-proportionally growing organization WHAT IT DOES ➢ Enabled by unified stack and AI-driver: automated processes replace manual workloads. ➢ Fixed cost structures become more flexible and the organisatio
Slide 10: Value Creation: Development toward a value-maximizing operating model
Q1 202 6 results presentation Value Creation: Development toward a value-maximizing operating model WHAT IT DOES ➢ Structural improvement of revenue quality. ➢ Revenue scales while the cost base stays disciplined, driven by operating leverage. ➢ Unified stack and artificial intelligence increase sca
Slide 11: Financial update
Q1 202 6 results presentation Financial update 11
Slide 12: Q1 2026: Profitability improved despite challenging macro environment
Q1 202 6 results presentation Q1 2026: Profitability improved despite challenging macro environment Net Revenue Adjusted EBITDA €40.7m €1.3m In line with FY 2026 guidance +88% yoy Gross margin Cash & cash equivalents 58.8% €47.9m +234 bps yoy In line with FY 2026 guidance 12
Slide 13: Group: Offline outperformance and Online efficiency measures drive adj. EBITDA
Q1 202 6 results presentation Group: Offline outperformance and Online efficiency measures drive improvements in adj. EBITDA Revenue Gross profit Adj. EBITDA (€m) (€m) (€m) -9% 44.7 1.3 40.7 53% 57% 25.2 23.9 0.7 16% 16% 29% 25% 2% 1% Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Prescription glas
Slide 14: Segment overview: Clear roles for value creation
Q1 202 6 results presentation Segment overview: Clear roles for value creation Online Offline R ol e: Grow t h and g ros s m argi n eng in e d riv en b y R ol e: Qu ali ty o v er v ol um e o pt ical ex p erti se Discount Reset Normalization: Focus on profitable revenue by LfL Growth Momentum: Driven
Slide 15: Online segment: Revenue reset from efficiency measures
Q1 202 6 results presentation Online segment: Revenue reset from efficiency measures, stable gross margin and improved adj. EBITDA Revenue Gross profit Adj. EBITDA (€m) (€m) (€m) -19% 30.1 1.0 24.5 38% 41% 0.6 17% 14.6 11.9 16% 43% 42% 2% 1% Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Prescripti
Slide 16: Offline segment: Strong market outperformance with +7% lfl growth
Q1 202 6 results presentation Offline segment: Strong market outperformance with +7% lfl growth and additional network expansion Revenue Gross profit Adj. EBITDA (€m) +11% (€m) (€m) 16.2 0.3 14.6 +7% lfl 12.0 10.6 82% 83% 0.1 1% 14% 16% 1% 2% 1% Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Prescr
Slide 17: Store network: Profitable core sustained with further margin upside
FY 20 25 Results Pr esen tation Store network: Profitable core sustained with further margin upside from reducing loss-making tail Store EBIT margin bands (1) 66 66 65 65 66 65 65 65 65 65 66(2) 9 8 11 20 18 6 21 21 20 10 31 29 13 35 13 15 12 16 20 16 19 19 18 15 17 12 15 16 15 38 16 32 10 23 13 16
Slide 18: Mister Spex Switch: Increasing share of Offline revenues
Q1 202 6 results presentation Mister Spex Switch: Increasing share of Offline revenues Share of Offline segment revenues Mister Spex Switch Customer subscription model up to 20% AOV uplift 2.4x vs non-Switch Total subscriptions 14k (Q1 2026) 13% Customer receivables(1) €5.2m (Q1 2026) • Launched off
Slide 19: 2026 guidance: Stabilization and margin expansion
Q1 202 6 results presentation 2026 guidance: Stabilization and margin expansion Net Revenue Adj. EBITDA Margin Year End Cash & Equivalents (1) Breakeven to 0% to -10% ~€25-30m Mid-Single-Digit % Q2 2026 effects Current trading in line with guidance expectations Purchase price payments for bolt-on ac
Slide 20: Looking ahead
Q1 202 6 results presentation Looking ahead 11 June 2026 Reporting and Conferences AGM (Virtual) 13 Aug 2026 H1 2026 Financial Results 12 Nov 2026 9M 2026 Financial Results Conference: 11-13 May 2026 EF Equity Forum (Frankfurt) 20
Slide 21: Q&A
Q1 202 6 results presentation 21 Q&A
Slide 22: Appendix
Q1 202 6 results presentation Appendix 22
Slide 23: Definitions
Q1 202 6 results presentation Definitions Gross profit Sales revenue less cost of materials Gross margin Relative ratio of gross profit to sales revenue Adjusted EBITDA Earnings before interest, taxes, depreciation and amortisation adjusted for one-off expenses relating to strategic, organisational
Slide 24: Q1 2026: Revenue by product category
Q1 202 6 results presentation Q1 2026: Revenue by product category (1 Jan - 31 Mar) in € k 2026 2025 Change Revenue Prescription glasses 23,384 23,759 -2% Sunglasses 6,590 7,128 -8% Contact lenses 10,357 13,034 -21% Total products 40,330 43,920 -8% Other services 418 783 -47% Total 40,748 44,702 -9%
Slide 25: Q1 2026: Profitability by segment
Q1 202 6 results presentation Q1 2026: Profitability by segment 3M (1 Jan - 31 Mar) in €K Online Δ Online PY Offline Δ Offline PY Total Δ Total PY 2026 2025 abs. (%) 2026 2025 abs. (%) 2026 2025 abs. (%) Revenue 24,539 30,130 -5,591 -19% 16,209 14,573 1,636 11% 40,748 44,702 -3,955 -9% Cost of mater
Slide 26: Q1 2026: Consolidated statement of profit and loss
Q1 202 6 results presentation Q1 2026: Consolidated statement of profit and loss Q1 (1 Jan - 31 March) in € k 2026 2025 Change Revenue 40,748 44,702 -9% Other own work capitalized 10 220 -96% Other operating income 738 507 46% Total operating performance 41,495 45,429 -9% Cost of materials -16,805 -
Slide 27: Q1 2026: Consolidated statement of cash flows
Investing activities Payments for the acquisition of businesses -2,600 0 Q1 202 6 results presentation Investments in property, plant and equipment -668 -248 Investments in intangible assets -1 -394 Q1 2026: Consolidated statement of cash flows Cash flow from investing activities -3,269 -642 Financi
Slide 28: Q1 2026: Consolidated statement of financial position
Trade receivables 620 1,089 Q1 202 6 results presentation Finance Lease Asset 3,081 2,140 Other financial assets 2,120 1593 Other non-financial assets 3,605 4,514 Q1 2026: Consolidated statement of financial position Tax refund claims 2,138 2,091 Cash and cash equivalents 47,864 56,188 TOTAL ASSETS