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

Greetings and welcome to the Lux Experience 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. 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 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. 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 on no duty to update forward-looking statements. In addition, we will refer to certain financial measures not reported in accordance with IFS on this call. You can find reconciliations of these non-IFS financial measures in our earnings press release 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 for Lux Experience. 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 SysGear 26 guidance as we achieved a GMB growth of plus 2.9% at constant currency and delivered a positive group adjusted EBTA margin of plus We believe these are remarkable results just 15 months after taking over a financially distressed YNAB business. Compared to fiscal year 25, and considering all capitalized tech expenses, we have boosted group-adjusted EBITDA by 64 million euros. Even more exciting, we achieved in the fourth quarter of fiscal year 26 a GMV growth of plus 7.9% at constant currency and a group adjusted EBITDA margin of plus 2.1%. In the fourth quarter, we had positive top-line growth in all of our three reporting segments. At MyTereza, 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. 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. It uses our strategy to focus on the healthy core of the business and make the business model leaner is now showing clear results. In the fourth quarter, yokes achieved a positive top-line growth and losses were cut almost in half compared to Q4 of fiscal year 25. With the tremendous progress made in the past 12 months and the strong business momentum in Q4 of fiscal year 26, We are clearly on track to achieve our medium-term targets of group net sales of €4 billion and an adjusted EBTA margin of 7-9%. Before the fiscal year 2027, we expect accelerated top-line growth and further increased group adjusted EBTA margin. Our strong current trading reinforces our continued positive business momentum. Martin will later clarify our guidance for fiscal year 2027. Let me now comment in more detail on the performance of the Maite Reza business. We again outperformed the industry with double-digit top-line growth and strong profitability. By focusing on wardrobe building, big spending customers, Maite Reza possesses a very resilient and consistent business model driven by superior customer economics. A clear strategic focus and the excellent execution allowed MyTheresa to become a 1 billion euro business in fiscal year 26, 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. In the United States, the Maitreya business grew net sales by plus 39.3% on constant currency basis in Q4 fiscal year 26 compared to Q4 fiscal year 25. For the full fiscal year, the U.S. accounted for 23.8% of net sales of MyTheresa's total visits. MyTheresa's strengths and resilience are driven by its superior customary knock economics. In the fourth quarter of fiscal year 26, 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 26 versus Q4 fiscal year 25, and plus 4.3% for the full fiscal year 26. The average order value last 12 months for MyTheresa increased by a remarkable plus 13.1% to a record high of 875 Euro in Q4 fiscal year 26. 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 26. The continued focus on selling full price also drove again the gross profit margin increase of plus 150 basis points in Q4 fiscal year 26 compared to Q4 fiscal year 25. Lastly, Maite Reza's excellent customer service proposition is highlighted by our Internal Net Promoter Score of 83.6% in Q40's year 26. All these figures demonstrate the fundamental strength and continued success of the Maite Reza business based on superior customer economics. The success with big spending, wardrobe building customers, also makes Maite Reza a highly desired partner for the world's most prestigious luxury brands. In the fourth quarter of this year, 26, Maite Reza 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. 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. 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 Zimmerman, Dolce & Gabbana and Brioni, across Europe, the United States and Asia, creating a strong sense of community for its top customers. 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. To sum it up, MyTheresa reaffirmed its clear leadership position in the digital multi-brand luxury landscape in fiscal year 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. Let me now comment on the luxury segment comprised of Net-a-Porter and Mr. Porter. We are in high gear re-establishing both as leading digital multi-brand destinations for luxury fashion shoppers seeking editorial inspiration and brand discovery. By applying the secret sauce of Lux Experience, namely an obsessive focus on best customers, full price selling, and cost discipline, we are successfully rebuilding strength and resilience in their business models. For the first time since the acquisition, Metaporté and Mr. Porter combined Achieved top-line growth and a positive bottom line in the last quarter of fiscal year 2026. Net sales increased by plus 5.6% on constant currency basis in Q4 fiscal year 2026 versus Q4 fiscal 25 and for the full fiscal year 2026 by plus 0.5% compared to full fiscal year 2025 for Net-a-Porter and Mr. Porter combined. In the United States, Net sales increased by plus 15.1% on a constant currency basis in Q4 fiscal year 26 compared to Q4 fiscal year 25. For the full fiscal year, the United States accounted for 49.6% of net sales of the total business of both stores combined. Improved and strong customer economics are also key for the success of Notte Porte and Mr. Porter. The fourth quarter of fiscal year 26, 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 fiscal year 26. Moreover, the average spend in terms of GMV per top customer increased by plus 9.4% in Q4 fiscal year 26 versus Q4 fiscal year 25, and plus 5.3% The average order value last 12 months increased by plus 9.1% to €885 to Net-a-Porter and Mr. Porter combined, in Q4 fiscal year 26. 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 fiscal year 26. 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 fiscal year 26 compared to fiscal year 25. The customer satisfaction net of top pay measured by our internal NPS remained at 59.7% in Q4 due to shipping backlogs in the warehouses, but for the full fiscal year 26, the NPS increased by plus 6.7 percentage points compared to fiscal year 25. All these KPIs confirm a significantly improved quality of the customer economics and business models of Net-a-Porter and Mr. Porter. In line with their position as the leading digital multi-brand destinations for luxury fashion shoppers seeking editorial inspiration and brand discovery, Metaporté and Mr. Porter launched, in the fourth quarter of his year 26, 36 editorial campaigns for exclusive brands and product launches with brands such as Chloé, Kate, Carolina Herrera, Tom Ford, Brunello Cucinelli, and Celine, amongst others. Net-a-Porter also hosted 11 unique experiences for their EIPs, the so-called Extremely Important People, with brand partners such as Kate, Chloé, Gucci, and Schiaparelli in the United States 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 fiscal year 26. Please see our investor presentation for more details on the unique editorial content and exclusive activations of Net-A-Porter. Mr. Porter hosted six unique EIP experiences with brand partners including Zegna and Ralph Lauren in the United States 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. To sum it up, Net-A-Porter and Mr. Porter are re-establishing themselves as leading digital multi-brand destinations for luxury fashion shoppers seeking editorial inspiration and brand discovery. Positive top-line growth. Improved Custom Economics and positive bottom line results in the fourth quarter of fiscal year 26 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. Lastly, let me comment on Nuke's business performance. Our strategic focus on the core European markets and a leaner operating model align with the lower margin and lower average order value nature of the off-price business is already showing clear results. Positive top-line growth in the fourth quarter and adjusted EBTA losses, almost half, speak to the success of the transformation thus far. This business momentum was further enhanced by Juke'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. In Q4 fiscal year 26, net sales for ukes increased by plus 6.6% on constant currency basis versus Q4 fiscal year 25, and for the full fiscal year 26, net sales increased contracted by minus 5.8% compared to full fiscal year 2025. The net sales growth in Q4 was also driven by extraordinary inventory clearance, but most important was that in Europe, excluding the UK, Jukes increased net sales by plus 22.7% compared to Q4 fiscal year 2025. For the full fiscal year 2026, net sales in Europe, excluding the UK, grew by plus 10.9%, and accounted for 61.3% of net sales of the total Ux business. 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 Ux in Q4 fiscal year 26, 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 243 Euro in Q4 fiscal year 26. However, this was also driven by the reduced focus on the high AUV overseas markets. In Europe, excluding the UK, the AUV last 12 months increased by plus 2.1% in Q4 fiscal year 26. The gross profit margin decreased in Q4 fiscal year 26, driven by the mentioned destocking push. With a full fiscal year 26, 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. Yuke's customer satisfaction measured by our internal NPS reached 49.1% in Q4 fiscal year 26, increasing by 1,520 basis points compared to Q4 fiscal year 25, showcasing also the effect of the Lux Experience secret sauce on Yuke's customer service operations. 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 this year, 26, you leveraged its 26th anniversary to drive brand engagement, consideration, and new customer acquisitions through flagship community events in Milan and Forte dei Mari. 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 youth's evolution into a culturally relevant lifestyle brand. Please see our investor presentation for more details on these events and activations. To sum it up, the focus on a healthy core for Ukes and a lean operating model as part of our transformation plan is already showing great results. We are successfully rebuilding the position of Ukes 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 Utz and Vispia 26. And 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.