LuxExperience B.V. American Depositary Shares, each representing one Ordinary Share

Greetings, and welcome to the Lux Experience 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. It is now my pleasure to introduce your host, Martin Beer, the Chief Financial Officer of Lux Experience. Thank you, sir. Please begin.

Thank you, operator, and welcome everyone to the Lux Experience investor conference call for the second quarter of fiscal year 2026. With me today is our CEO, Michael Klieger. Before we begin, we'd 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 on no duty to update forward-looking statements. In addition, we will refer to certain financial measures not reported in accordance with IRFS on this call. You can find reconciliations of these non-IRFS financial measures in our earnings press release, which is available on our investor relations website at investors.luxexperience.com. I will now turn the call over to 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 second quarter of fiscal year 2026 of Lux Experience. We are extremely pleased with the results of the second quarter. The initiated turnaround of XYNAP 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 4 billion euros with an adjusted EBITDA margin of 7 to 9 percent. The MyTeresa business continues to outpace the industry, delivering double-digit growth and high profitability. Mr. 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 Youkes, our strategy of focusing on the healthy core of the business but the new management is also generating clear improvements in the results. We continue to see seismic shifts in our sector as more and more of our competitors are not able to deliver profitable growth. Lux Experience 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. 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 Jules, we will see the tremendous opportunities that present to us going forward. As Lux Experience, we possess the secret sauce in digital luxury. Let me now start by commenting on the MyTheresa business. We are again extremely pleased with the outstanding results in the second quarter of this 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. In Q2 of fiscal year 2026, we grew our net sales by plus 8.8% compared to Q2 of fiscal year 2025. In the United States, which is a key market for growth, net sales reached plus 22.9% in Q2 fiscal year 26 compared to Q2 fiscal year 25. In the second quarter, the U.S. 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 plus 7.3% in Q2 fiscal year 26. 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 26 versus Q2 fiscal year 25. The average order value last 12 months for MyTheresa increased by a remarkable plus 12% to an outstanding 824 euros in Q2 fiscal year 26, demonstrating the success of our focus on selling full-priced high-end luxury products to top customers. The continued full price focus at MyTeresa is also evident with the again improved gross profit margin growing by 140 basis points in Q2 fiscal year 26. Lastly, MyTeresa's customer satisfaction, which we measure by our internal net promoter score NPS, hit a high note reaching 83.7% in Q2 fiscal year 26, up from 78.3% in Q1 fiscal year 26, showcasing the continued excellence in customer service despite high volumes during the holiday period. Our success with big spending wardrobe building customers makes MyTereza a highly desired partner for luxury brands In the second quarter of this year 26, we saw again many high-impact campaigns and exclusive product launches underlining MyTereza's strong relationships with luxury brands. We launched exclusive collections like the Dolce & Gabbana holiday collection for womenswear and kidswear only available at MyTereza, as well as exclusive holiday capsule collections for womenswear from Christian Louboutin Roger Vivier and Etro, only available at MyTheresa. 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 26 collections and exclusive runway looks from Moncler Grenoble's fall-winter 25 collections for womenswear and menswear. Please see our investor presentation for more details on these capsules and exclusives. In addition to creating desirability for our top customer 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. 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 MyTeresa's latest curated luxury collections, including exclusive ski wear styles. We also hosted style suites in Warsaw, Frankfurt, Zurich, Hong Kong, New York, and Los Angeles, presenting new collections in immersive, curated environments. A highlight in the United States was a style suite in partnership with Schiaparelli who do two days in Miami to present the top, the drop two collections. Together with Roger Rivier, 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 Gerardo Felloni. We also partnered with Tom Ford to host our guests at Claridge's in London for an exclusive dinner honoring the creative director Haida Ackerman. Noteworthy was also our two-day mountain experience with Montclair Grenoble in Gstaad, featuring an afternoon tea aboard the iconic La Belle Epoque 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. 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, apres-ski culture, and a Maite Reza Apreski pop-up bar. In New York, Maite Reza 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 suites met the sophistication of high fashion. Finally, in St. Moritz, Switzerland, Maite Reza opened an immersive hotel-inspired space, offering guests a captivating experience for four months. Envisioned as a private club, the setting brings MyTeresa's world to life through trunk shows, presentations, and workshops. Please see our investor presentation for more details on these unique Money Can't Buy experiences. In summary, we are extremely pleased that MyTeresa, 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 Netta Porter and Mr. Porter. 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. 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. 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 allocations. But we can already see improved results for the new upcoming spring-summer 26 season. 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 26 versus Q2 fiscal year 25. The average order value last 12 months increased by an outstanding plus 13.6% to 861 euros 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 26, increasing by plus 1,200 basis points compared to Q2 fiscal year 25. All these KPIs point to a significantly improved health and quality of the business of Net-a-Porter and Mr. Porter. In the second quarter of his year 26, 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 Beckley. Net-a-Porter also launched an exclusive party capsule with fashion brand Rabanne, amplified with a star-studded event at the scotch london the club rabban for the night as well as porter cover featuring rabban's designer julian docena and victoria faola this fashion moment launched the party season and made it on to the cover of wwd netapote also unveiled an exclusive capsule with the role of seasonal items only available at Net-a-Porter. Also, two private seasonal digital pop-up shops were featured with juror Jessica McCormack and the House of Scapparelli, 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 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. Also, Mr. Porter started to show high-impact digital campaigns and exclusive product launches. Mr. Porter launched Michael Ryder's debut collection for Celine as their exclusive online wholesale partner. The Solomio exhibition, an exclusive 40-piece capsule collection with Brunello Cucinelli, also launched on Mr. Porter. Further exclusive product launches included Gallery Department, The Elder Statesman, and Montclair. 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 Langney and the actor, Billy Piper, hosted a joint party upstairs at the Langans, 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. As part of the editorial focus of Mr. Porter, brand new video franchises were launched, including Ways to 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. Mr. Porter's journal feature on musician and writer Josh Hump drove 20,000 visits in its first week, whilst the video drove 1.6 million views on Instagram, making it the second most read talent story and viewed Instagram posts in 2025. Please see our investor presentation for more details on Netta Porter's and Mr. Porter's unique editorial content and campaigns. 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. Lastly, let me comment on Jukes performance in the second quarter of fiscal year 26. We are pleased with the progress of the ongoing separation of the Jukes business from the luxury segment. The Jukes 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 use. In Q2 fiscal year 26, net sales declined by minus 7.3% versus Q2 fiscal year 25 through use. A clear improvement compared to the net sales decline in Q1 fiscal year 26 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 25. The overall net sales decline is mainly driven by a renewed focus on a healthy core for the Ux business and the deprioritization of overseas markets with high cost to serve. While the overall net sales declined for Jukes, the top spending customer average spend in terms of GMV grew by plus 4.1% in Q2 fiscal year 26 versus Q2 fiscal year 25. The average order value last 12 months continued to increase by a remarkable plus 11.4% to 255 euros in Q2 fiscal year 26. Jukes customer satisfaction measured by our internal NPS reached 50.2% in Q2 fiscal year 26, significantly up from 34.5% in Q1 fiscal year 26, and compared to 29.9% in Q2 fiscal year 25, 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 Jukes business. In the second quarter of fiscal year 2026, Jukes 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, Jukes created an intimate holiday fashion dinner at Milan's iconic Milofar 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 Jukes brand vision. Jukes also kicked off a community building event in Berlin through a fashion meets art event hosted at the surprising NADA 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, you created a space for meaningful connections, creative exchange, and authentic brand engagement. reinforcing Jukes' role as a cultural connector. Both events boosted engagement through community building, delightful experience, and increased the guests' emotional bond with Jukes. Please see our investor presentation for more details on these events. To sum up, the focus on a healthy core for Jukes shows first clear results and a much improved quality and health of the business. 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. Thank you, Michael.