การประชุมแถลงผลประกอบการไตรมาส 4 ปีงบประมาณ 2026 ของ LuxExperience (LUXE): การพลิกฟื้นธุรกิจเร่งตัวขึ้น

ประเด็นสำคัญ

• LuxExperience ทำยอดขายรวม (GMV) ในปีงบการเงิน 2026 เติบโต 2.9% เมื่อคำนวณด้วยอัตราแลกเปลี่ยนคงที่ และมีอัตรากำไร EBITDA ปรับปรุงแล้วเป็นบวกที่ 0.4% ซึ่งเป็นไปตามแนวทางการดำเนินงานเต็มปีของผู้บริหาร
• ไตรมาส 4 แสดงถึงการเร่งตัวขึ้น: ยอดขายสุทธิเพิ่มขึ้น 7.6% เมื่อคำนวณด้วยอัตราแลกเปลี่ยนคงที่ GMV เพิ่มขึ้น 7.9% และอัตรากำไร EBITDA ปรับปรุงแล้วแตะที่ 2.1% ซึ่งนับเป็นไตรมาสที่สามติดต่อกันที่มี EBITDA ปรับปรุงแล้วเป็นบวกและปรับตัวดีขึ้น
• Mytheresa ยังคงรักษาการเติบโตในระดับสองหลัก ยอดขายสุทธิในไตรมาส 4 เพิ่มขึ้น 10.2% สู่ระดับ 269.2 ล้านยูโร ขณะที่ EBITDA ปรับปรุงแล้วสำหรับปีงบการเงิน 2026 เพิ่มขึ้น 39.8% สู่ระดับ 62.3 ล้านยูโร
• Net-a-Porter และ Mr. Porter กลับมาเติบโตและทำกำไรรายไตรมาสได้เป็นบวก ยอดขายสุทธิในไตรมาส 4 เพิ่มขึ้น 5.6% สู่ระดับ 273.9 ล้านยูโร พร้อมอัตรากำไร EBITDA ปรับปรุงแล้วที่ 2.7%
• ยอดขายสุทธิในไตรมาส 4 ของ YOOX เพิ่มขึ้น 6.6% สู่ระดับ 110.5 ล้านยูโร อัตรากำไร EBITDA ปรับปรุงแล้วปรับตัวดีขึ้น 920 basis points เมื่อเทียบเป็นรายปี มาอยู่ที่ติดลบ 10.5% แม้ว่าการระบายสินค้าคงคลังจะช่วยสนับสนุนยอดขายแต่กดดันอัตรากำไรขั้นต้น
• สำหรับปีงบการเงิน 2027 ผู้บริหารคาดว่ายอดขายสุทธิของกลุ่มบริษัทจะเติบโตในช่วงหลักเดียวระดับกลางถึงสูง และมีอัตรากำไร EBITDA ปรับปรุงแล้วอยู่ที่ประมาณ 2% ถึง 3%

ข้อมูลทางการเงินที่สำคัญ

ผลการดำเนินงานทางธุรกิจและการปฏิบัติงาน

Mytheresa

ยอดขายสุทธิในไตรมาส 4 ของ Mytheresa เพิ่มขึ้น 10.2% เมื่อคำนวณด้วยอัตราแลกเปลี่ยนคงที่ สู่ระดับ 269.2 ล้านยูโร ยอดขายสุทธิตลอดทั้งปีเพิ่มขึ้น 11.5% สู่ระดับ 994.3 ล้านยูโร

อัตรากำไรขั้นต้นในไตรมาส 4 ขยายตัว 150 basis points สู่ระดับ 49.7% โดยได้แรงหนุนจากการขายในราคาเต็ม อัตรากำไร EBITDA ปรับปรุงแล้วเพิ่มขึ้นเป็น 6.6% จาก 6.5% สำหรับปีงบการเงิน 2026 อัตรากำไร EBITDA ปรับปรุงแล้วเพิ่มขึ้น 140 basis points สู่ระดับ 6.3% ขณะที่ EBITDA ปรับปรุงแล้วเพิ่มขึ้น 39.8% สู่ระดับ 62.3 ล้านยูโร

สหรัฐอเมริกายังคงเป็นแรงขับเคลื่อนการเติบโตที่สำคัญ โดยยอดขายสุทธิในไตรมาส 4 เพิ่มขึ้น 39.3% เมื่อคำนวณด้วยอัตราแลกเปลี่ยนคงที่ จำนวนลูกค้าชั้นนำเพิ่มขึ้น 18% และ GMV เฉลี่ยต่อลูกค้าชั้นนำเพิ่มขึ้น 4.8% โดยลูกค้าชั้นนำคิดเป็น 4.8% ของลูกค้าทั้งหมด แต่สร้าง GMV ถึง 48.4% ของ FY2026

มูลค่าคำสั่งซื้อเฉลี่ยรอบ 12 เดือนย้อนหลังของ Mytheresa เพิ่มขึ้น 13.1% สู่ระดับสูงสุดเป็นประวัติการณ์ที่ 875 ยูโร ผู้บริหารระบุว่าการเพิ่มขึ้นนี้เป็นผลมาจากสัดส่วนที่เพิ่มขึ้นจากลูกค้าชั้นนำและการเติบโตของยอดขายอัญมณีชั้นสูง

Net-a-Porter และ Mr. Porter

ยอดขายสุทธิรวมในไตรมาส 4 เพิ่มขึ้น 5.6% เมื่อคำนวณด้วยอัตราแลกเปลี่ยนคงที่ สู่ระดับ 273.9 ล้านยูโร ยอดขายสุทธิตลอดทั้งปีเพิ่มขึ้น 0.5% สู่ระดับ 994.8 ล้านยูโร ซึ่งเป็นการพลิกฟื้นจากรูปแบบการหดตัวของรายได้ก่อนหน้านี้ในกลุ่มธุรกิจนี้

กลุ่มธุรกิจนี้บันทึกอัตรากำไร EBITDA ปรับปรุงแล้วในไตรมาส 4 เป็นบวกที่ 2.7% เพิ่มขึ้น 230 basis points เมื่อเทียบเป็นรายปี อัตรากำไรในครึ่งปีหลังแตะระดับ 1.2% เมื่อเทียบกับติดลบ 2.5% ในครึ่งปีแรก ทั้งนี้ ผู้บริหารกล่าวว่า แม้ไม่รวมผลประโยชน์จากการคืนภาษีศุลกากรจำนวน 250 basis points EBITDA ปรับปรุงแล้วในไตรมาส 4 ก็ยังคงเป็นบวก

อัตรากำไรขั้นต้นตลอดทั้งปีเพิ่มขึ้น 170 basis points สู่ระดับ 47.5% ค่าใช้จ่าย SG&A ลดลง 29.8 ล้านยูโร หรือ 11% ขณะที่สัดส่วน SG&A ในไตรมาส 4 ปรับตัวดีขึ้น 500 basis points สู่ระดับ 19.5%

สหรัฐอเมริกา ซึ่งคิดเป็น 49.6% ของยอดขายรวมทั้งปีของกลุ่มธุรกิจนี้ สร้างการเติบโตในไตรมาส 4 ที่ 15.1% เมื่อคำนวณด้วยอัตราแลกเปลี่ยนคงที่ ผู้บริหารกล่าวว่าสิ่งนี้ไม่ได้เกิดจากปัจจัยชั่วคราวเพียงครั้งเดียว โดยอ้างถึงการตลาด การคัดสรรสินค้า ข้อความถึงลูกค้า และเนื้อหาบรรณาธิการที่ได้รับการปรับปรุงดีขึ้น

YOOX

ยอดขายสุทธิในไตรมาส 4 ของ YOOX เพิ่มขึ้น 6.6% เมื่อคำนวณด้วยอัตราแลกเปลี่ยนคงที่ สู่ระดับ 110.5 ล้านยูโร ขณะที่ยอดขายตลอดปีงบการเงิน 2026 ลดลง 5.8% ยุโรปไม่รวมสหราชอาณาจักรเป็นภูมิภาคที่แข็งแกร่งที่สุด โดยยอดขายเพิ่มขึ้น 22.7% ในไตรมาส 4 และ 10.9% ตลอดทั้งปี

อัตรากำไร EBITDA ปรับปรุงแล้วในไตรมาส 4 ปรับตัวดีขึ้นเป็นติดลบ 10.5% จากติดลบ 19.8% ในปีก่อนหน้า สัดส่วน SG&A ในครึ่งปีหลังลดลง 560 basis points เมื่อเทียบเป็นรายปี มาอยู่ที่ 23.8% คิดเป็นเงินประหยัดได้ 17.5 ล้านยูโร

อัตรากำไรขั้นต้นในปีงบการเงิน 2026 ของ YOOX เพิ่มขึ้น 120 basis points สู่ระดับ 38.5% อย่างไรก็ตาม อัตรากำไรขั้นต้นในไตรมาส 4 ลดลงเนื่องจากมาตรการระบายสินค้าคงคลังเป็นกรณีพิเศษ ผู้บริหารยังคงให้ความสำคัญกับยุโรปเป็นหลักและลดสัดส่วนในตลาดต่างประเทศที่มีค่าบริการและค่าจัดส่งสูงกว่า

แนวทางของผู้บริหาร

สำหรับปีงบการเงิน 2027 ผู้บริหารได้ให้แนวโน้มดังต่อไปนี้:

• การเติบโตของยอดขายสุทธิของกลุ่มบริษัทอยู่ในช่วงหลักเดียวระดับกลางถึงสูง
• อัตรากำไร EBITDA ปรับปรุงแล้วของกลุ่มบริษัทอยู่ที่ประมาณ 2% ถึง 3%
• การเติบโตของยอดขายสุทธิของ Mytheresa อยู่ในช่วงหลักเดียวระดับสูงถึงสองหลักระดับต่ำ โดยความสามารถในการทำกำไร EBITDA ปรับปรุงแล้วสูงกว่าปีงบการเงิน 2026 เล็กน้อย
• การเติบโตของยอดขายสุทธิของ Net-a-Porter และ Mr. Porter อยู่ในช่วงหลักเดียวระดับกลาง โดยอัตรากำไร EBITDA ปรับปรุงแล้วปรับตัวดีขึ้น 100 ถึง 200 basis points จากปีงบการเงิน 2026
• การเติบโตของยอดขายสุทธิของ YOOX อยู่ในช่วงหลักเดียวระดับกลาง โดยอัตรากำไร EBITDA ปรับปรุงแล้วยังคงติดลบอยู่ในช่วงหลักเดียวระดับกลาง
• เป้าหมายการจุดคุ้มทุน EBITDA ปรับปรุงแล้วของ YOOX กำหนดไว้สำหรับปีงบการเงิน 2028

สำหรับไตรมาส 1 ของปีงบการเงิน 2027 ซึ่งเริ่มตั้งแต่เดือนกรกฎาคมถึงกันยายน 2026 ผู้บริหารคาดว่ายอดขายสุทธิของกลุ่มบริษัทจะเติบโตในช่วงหลักเดียวระดับสูง และอัตรากำไร EBITDA ปรับปรุงแล้วจะติดลบเล็กน้อย

หลังปีงบการเงิน 2027 ผู้บริหารตั้งเป้าหมายอัตราการเติบโตของยอดขายสุทธิต่อปีที่ 10% ถึง 15% และการขยายตัวของอัตรากำไร EBITDA ปรับปรุงแล้วรายปีที่ 150 ถึง 250 basis points จนกว่ากลุ่มบริษัทจะบรรลุเป้าหมายระยะกลางที่ยอดขายสุทธิ 4 พันล้านยูโร และอัตรากำไร EBITDA ปรับปรุงแล้วที่ 7% ถึง 9%

บริษัทคาดว่าการปรับโครงสร้างองค์กรที่เหลืออยู่ในอีกสองปีข้างหน้าจะต้องใช้เงินสดรวม 150 ล้าน ถึง 250 ล้านยูโร ผู้บริหารคาดว่าจะรักษาเงินสดสำรองไว้ประมาณ 200 ล้าน ถึง 300 ล้านยูโร โดยไม่ต้องดึงเงินจากวงเงินสินเชื่อหมุนเวียน

ความเสี่ยงและประเด็นที่ต้องจับตา

• ผู้บริหารเตือนว่าไม่ควรอ้างอิงความสามารถในการทำกำไรในไตรมาส 4 เพื่อประเมินตลอดปีงบการเงิน 2027 เนื่องจากไตรมาส 1 และไตรมาส 3 มักจะอ่อนตัวกว่าไตรมาส 2 และไตรมาส 4
• ยอดขายในไตรมาส 4 ของ YOOX ได้รับประโยชน์จากการระบายสินค้าคงคลังเป็นกรณีพิเศษ ซึ่งส่งผลให้อัตรากำไรขั้นต้นรายไตรมาสลดลงเช่นกัน
• ดัชนีความพึงพอใจของลูกค้า (Net Promoter Score) ภายในองค์กรประจำไตรมาส 4 ของ Net-a-Porter ยังคงอยู่ที่ 59.7% เนื่องจากปัญหาการจัดส่งสินค้าคลังสินค้าค้างสะสม
• ผู้บริหารอธิบายถึงความต้องการสินค้าหรูหราในยุโรปว่ามีความแตกต่างกันอย่างสุดขั้ว โดยระบุถึงสภาวะที่แข็งแกร่งกว่าในอิตาลี สเปน โปรตุเกส และกรีซ แต่ความต้องการภายในประเทศในฝรั่งเศสและเยอรมนีกลับซบเซา
• ผลการดำเนินงานในช่วงฤดูร้อนของจีนแผ่นดินใหญ่ถูกระบุว่าน่าผิดหวัง ขณะที่ความต้องการในตะวันออกกลางฟื้นตัวกลับมาแล้วแต่ยังคงมีความผันผวนรายสัปดาห์และรายเดือน
• สถานการณ์ด้านภาษีศุลกากรยังคงมีความไม่แน่นอน ผู้บริหารกล่าวว่าโมเดลการดำเนินงานมีความพร้อมในการจัดการกับสถานการณ์ภาษีศุลกากรในรูปแบบต่าง ๆ แต่อัตรากำไรในไตรมาส 4 มีผลประโยชน์จากการคืนภาษีศุลกากรรวมอยู่ด้วย

ประเด็นสำคัญจากการถาม-ตอบกับนักวิเคราะห์

ผู้บริหารคาดหวังผลกำไรที่เพิ่มขึ้นอีกจากการปรับตัวดีขึ้นของอัตรากำไรขั้นต้น การประหยัดค่าใช้จ่าย SG&A และการดำเนินงานที่เพิ่มประสิทธิภาพตามยอดขาย (sales leverage) โอกาสในการลดต้นทุนที่ใหญ่ที่สุดยังคงอยู่ที่ Net-a-Porter, Mr. Porter และ YOOX ซึ่งสัดส่วนค่าใช้จ่ายยังคงสูงกว่าเกณฑ์มาตรฐานของ Mytheresa

เกี่ยวกับการรวมระบบเทคโนโลยี บริษัทกล่าวว่าระบบ HR ทั่วโลกได้เริ่มใช้งานแล้วในเดือนพฤษภาคม Net-a-Porter และ Mr. Porter ได้เปลี่ยนไปใช้ Microsoft Dynamics 365 Business Central แล้ว ขณะที่การอัปเกรดระบบจัดซื้อและจัดจำหน่ายอีกระบบหนึ่งมีแผนในช่วงฤดูใบไม้ร่วง งานย้ายระบบเว็บช็อปและแอปพลิเคชันมีความคืบหน้าเป็นไปตามแผน หรือเร็วกว่ากำหนดการภายในของบริษัทเล็กน้อย

ผู้บริหารระบุว่ามูลค่าคำสั่งซื้อเฉลี่ยที่สูงขึ้นของ Mytheresa เป็นผลมาจากสัดส่วนลูกค้าชั้นนำที่มากขึ้นและการเติบโตของยอดขายอัญมณีชั้นสูง สินค้าที่มีจำหน่ายรวมถึงรายการที่มีราคาระหว่าง 20,000 ถึง 80,000 ยูโร

สำหรับ Net-a-Porter และ Mr. Porter ผู้บริหารกล่าวว่าการเติบโตในสหรัฐอเมริกาสะท้อนถึงการดำเนินงานที่ดีขึ้นมากกว่าจะเป็นผลประโยชน์เพียงครั้งเดียว บริษัทพึงพอใจกับค่าใช้จ่ายทางการตลาดในปัจจุบัน และอาจเพิ่มการลงทุนหากมีโอกาสเพิ่มเติมเข้ามา

บันทึกการประชุมแถลงผลประกอบการฉบับเต็ม

บทถอดเสียงฉบับเต็มของการประชุมทางโทรศัพท์ผลประกอบการ

คำชี้แจงจากฝ่ายบริหาร

Operator

Greetings and welcome to the LuxExperience 4th 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. [Operator Instructions] It is now my pleasure to introduce your host, Martin Beer, the Chief Financial Officer of LuxExperience. Thank you, sir. Please begin.

Martin Beer

Thank you, Operator, and welcome everyone to the LuxExperience 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, we 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, 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 IFRS on this call. You can find reconciliations of these non-IFRS 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.

Michael Kliger

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 fiscal year 2026 and the full fiscal year for LuxExperience. 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 fiscal year '26 guidance as we achieved a GMV growth of plus 2.9% at constant currency and delivered a positive group adjusted EBITDA margin of plus 0.4%.

These are remarkable results just 15 months after taking over a financially distressed YNAP business. Compared to fiscal year '25 and considering all capitalized tech expenses, we have boosted group adjusted EBITDA by EUR 64 million. 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 Mytheresa, 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. The fourth quarter, Net-a-Porter and Mr. Porter combined, now also delivered positive growth and profitability. It dovetails our strategy to focus on the healthy core of the business and make the business model leaner, now showing clear results. In the fourth quarter, YOOX achieved 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 EUR 4 billion and an adjusted EBITDA margin of 7% to 9%. For full fiscal year '27, we expect accelerated top-line growth and further increased group-adjusted EBITDA margin. 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 Mytheresa business. We again out-performed the industry with double-digit top-line growth and strong profitability.

By focusing on wardrobe building, big spending customers, Mytheresa possesses a very resilient business model driven by superior customer economics. A clear strategic focus and the excellent execution allowed Mytheresa to become a EUR 1 billion business in fiscal year '26, marking a significant milestone in the company's success story. In Q4 fiscal year 2026, Mytheresa grew its net sales by plus 10.2% on constant currency basis compared to Q4 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 U.S., the Mytheresa 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 in Q4 fiscal year '26 of Mytheresa's total business. Mytheresa's strengths and resilience are driven by its superior customer 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 EUR 875 in Q4 fiscal year '26. The success of the focus on selling full price high-end luxury products to top customers is 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, Mytheresa's excellent customer service proposition is highlighted by our internal Net Promoter Score (NPS) of 83.6% in Q4 fiscal year '26. All these figures demonstrate the fundamental strengths and continued success of the Mytheresa business based on superior customer economics.

The success with big spending, wardrobe building customers also makes Mytheresa a highly desired partner for the world's most prestigious luxury brands. In the fourth quarter of fiscal year '26, Mytheresa launched 11 exclusive capsule 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're 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.

In 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 Zimmermann, Dolce & Gabbana, and Brioni, across Europe, the U.S., 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 does 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 LuxExperience, namely an obsessive focus on best customers, full price selling, and cost discipline, we are successfully rebuilding strengths and resilience in their business models. For the first time since the acquisition, Net-a-Porter and Mr. Porter combined achieved top-line growth and a positive bottom line in the last quarter of fiscal year '26. Net sales increased by plus 5.6% on constant currency basis in Q4 fiscal year '26 versus Q4 fiscal year '25, and for the full fiscal year 2026 by plus 0.5% compared to full fiscal year 2025 on Net-a-Porter and Mr. Porter combined. In the U.S., 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 U.S. 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 Net-a-Porter and Mr. Porter. In 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% for the full fiscal year '26. The average order value last 12 months increased by plus 9.1% to EUR 885 per year, 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 and numbers, but for 49.1% in terms of total GMV in fiscal year '26. A 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. Customer satisfaction Net-a-Porter 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, Net-a-Porter and Mr. Porter launched, in the fourth quarter of fiscal year '26, 36 editorial campaigns for exclusive brand and product launches, with brands such as Chloé, Khaite, 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 Khaite, Chloé, Gucci, and Schiaparelli in the U.S. 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 investment 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 U.S. 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 YOOX business performance. Our strategic focus on the core European markets and a leaner operating model in line 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 EBITDA losses almost half speak to the success of the transformation thus far. This business momentum was further enhanced by YOOX'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 YOOX increased by plus 6.6% on constant currency basis versus Q4 fiscal year '25. And for the full fiscal year '26, net sales contracted by minus 5.8% compared to full fiscal year 2025.

The net sales growth in Q4 fiscal year '26, net sales contracted by minus 5.8% compared to full fiscal year 2025. Q4 was also driven by extraordinary inventory clearance, but most important was that in Europe, excluding the U.K., YOOX increased net sales by plus 22.7% compared to Q4 fiscal year '25. For the full fiscal year '26, net sales in Europe, excluding the U.K., grew by plus 10.9% and accounted for 61.3% of net sales of the total YOOX business. 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 YOOX 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 EUR 243 in Q4 fiscal year '26. However, this was also driven by the reduced focus on the high AOV overseas markets. In Europe, excluding the U.K., the AOV last 12 months increased by plus 2.1% in Q4 FY'26. The gross profit margin decreased in Q4 fiscal year '26 driven by the mentioned destocking push. For the 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.

YOOX customer satisfaction measured by our internal NPS reached 49.1% in Q4 fiscal year '26, increasing by 1520 basis points compared to Q4 fiscal year '25, showcasing also the effect of the LuxExperience secret sauce on YOOX 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 fiscal year '26, YOOX leveraged its 26th anniversary to drive brand engagement, consideration and new customer acquisitions through flagship community events in Milan and Forte dei Marmi. 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 YOOX's evolution into a culturally relevant lifestyle brand. Please see our investor presentation for more details these events and activations. To sum it up, the focus on a healthy core for YOOX and a lean operating model as part of our transformation plan is already showing great results. We are successfully rebuilding the position of YOOX 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 YOOX in fiscal year '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.

Martin Beer

Thank you, Michael. In this call, I will focus the top line development on net sales and constant currency. But before I will provide you with more details on LuxExperience Group and individual segment performance, let me summarize the financial highlights looking back into the full fiscal year '26 and fiscal Q4 ended June 30, 2026.

We have delivered on our full year guidance on top and bottom line. With one year into our transformation, we're already breaking even on adjusted EBITDA for the full year. We have no bank debt in our balance sheet, and EUR 442 million cash and cash investments, better than expected. In fiscal year '26, we achieved significant cost savings in SG&A of around EUR 55 million, or minus 9.9%. The last three months of the fiscal year, running from April to June, stood as an inflection point in our overall transformation. Net sales in the quarter grew by plus 7.6% at LuxExperience, the highest in any quarter of this fiscal year.

In fiscal Q4, we decreased our SG&A cost ratio by 400 basis points, from 21.6% to 17.6% versus prior year Q4. Adjusted EBITDA margin for LuxExperience stood at a positive plus 2.1%, the third consecutive quarter with positive and increasing adjusted EBITDA. These strong LuxExperience numbers are based on impressive performance at all segments. Mytheresa again with double digit net sales growth in the quarter at plus 10.2% and further strong increase of adjusted EBITDA by plus 10.9% in the quarter compared to previous year.

An inflection point at Net-a-Porter Group reporting plus 5.6% net sales growth for the first time and also achieving positive adjusted EBITDA profitability in the quarter. YOOX as well, and for the first time, re-embarking on net sales growth with plus 6.6% in the quarter. In addition, impressive profitability improvement at YOOX with a 920 basis points increase in adjusted EBITDA versus Q4 of fiscal year '25. SG&A expenses at YOOX decreased by minus 20% versus the previous year quarter. And now, as usual, I will first review in more detail, LuxExperience Performance at total segments view, and then walk you through our three business segments, Luxury Mytheresa, Luxury Net-a-Porter, and Mr. Porter, and the off-price business of YOOX.

As mentioned before in this call, I will focus top line development on net sales in constant currency. GMV numbers follow a similar pattern and are as always fully disclosed in our press release and investor presentation and annual report. In addition, all numbers in previous year include capitalized IT expenses for a true like-for-like comparison. We discontinued this practice for the acquisition. Unless otherwise stated, all numbers refer to EUR. LuxExperience grew net sales by plus 7.6% in fiscal Q4. This was the strongest quarter year over year growth in the fiscal year.

In fiscal Q4, we achieved a positive adjusted EBITDA margin of plus 2.1%, our third consecutive quarter with positive adjusted EBITDA profitability. The success is also visible in the strong sequential adjusted EBITDA margin improvement, looking at the six-month period to reduce the seasonality effect. Fiscal H2 adjusted EBITDA margin improved by 220 basis points compared to fiscal H1. For the full fiscal year '26 and in line with our expectations, our adjusted EBITDA margin returned to positive territory, improving 260 basis points to 0.4% compared to the prior year. And please remember, this turnaround comes after years of YNAP with a persistent lack of profitability, with a peak of a negative minus EUR 175 million EBITDA in their fiscal year '24.

As you know, one key driver of improved profitability is our focus on SG&A cost savings. In Q4, LuxExperience's SG&A cost ratio improved significantly by 400 basis points to 17.6% compared to 21.6% in the prior year quarter. If you look in the course of fiscal year '26, and on a quarter by quarter basis, the SG&A cost ratio dropped in total by 430 basis points from 21.9% in Q1 to 19.1% in Q2, further improving to 18.3% in Q3 to now 17.6% in Q4 for fiscal year '26. In the full fiscal year '26, SG&A expenses went down by EUR 55 million or minus 9.9% of the cost base. In the fourth quarter of fiscal year, we generated a positive operating cash flow of plus EUR 9 million.

Operating cash burn in the full fiscal year was at minus EUR 108 million, significantly better than the minus EUR 120 million maximum operating cash burn communicated previously. As mentioned before, the group ended the fiscal year with a continued strong balance sheet and no bank debt, holding cash and cash investments of EUR 442 million. Noteworthy is that we have Citibank join our existing strategic banking partners, Unicredit, J.P. Morgan, and Commerzbank for our long-term value creation setup. With that, our banking RCF also increased by EUR 25 million to now EUR 125 million.

Despite strong top line growth, inventory on group level only increased by plus 3.7% compared to the end of the last fiscal year. We are pleased to share that on September 3rd, management received the authorization for a share repurchase program of our ADRs, which may be executed through an accelerated share repurchase program and at management's discretion based on market conditions. We have not implemented the repurchase program as of now, and there is no guarantee that we may do so. Let me now review the performance of our Mytheresa business. We've seen continued strong net sales growth on all comps.

During the fourth quarter of fiscal year '26, net sales grew by plus 10.2% to EUR 269.2 million compared to the prior year period. For the full year, net sales grew by plus 11.5% to EUR 994.3 million. We continue to significantly take market share. In Q4, Mytheresa's gross profit margin increased by 150 basis points to 49.7% compared to 48.3% in Q4 fiscal year '25. For the full fiscal year, Mytheresa's gross profit margin increased by 150 basis points to 48.5%. We were able to again significantly improve the gross profit margin driven by our successful focus on full price.

Delivering a continuous gross profit margin increase while at the same time taking market share with double digit top line growth is a testament to the strength of our positioning. Subsequently, the adjusted EBITDA margin at Mytheresa expanded 20 basis points during the quarter to 6.6%, as compared to 6.5% in the prior year period. For the full fiscal year, the adjusted EBITDA margin significantly improved by 140 basis points, from 4.9% to 6.3%. On absolute terms, adjusted EBITDA grew by plus 39.8% to record EUR 62.3 million in the full fiscal year.

At Mytheresa, IEPR territory funds in Q4 had an insignificant effect of 50 basis points in the adjusted EBITDA margin. In sum, and looking at the Mytheresa business model, we have successfully coped with various tariff situations in the past quarters and years and expect to do so in the future. From fiscal year '24 to fiscal year '26, we were able to increase the adjusted EBITDA margin by 320 basis points. We are continuing our effective inventory management with inventory levels at Mytheresa up only plus 3.9% despite continuous double-digit top-line growth. In fiscal year '26, Mytheresa had a positive operating cash flow of around plus EUR 20 million.

Being able to achieve strong operating cash flow, even with double-digit top-line growth, highlights the reliability and resilience of our business model. Let me now comment on the Luxury Net-a-Porter and Mr. Porter segment in more detail. In the fourth quarter Net-a-Porter and Mr. Porter delivered a clear turnaround across both top and bottom line, driven by strong execution of our new leadership teams and the success of our transformation plan. During the fourth quarter of fiscal year '26, net sales increased by plus 5.6% to EUR 273.9 million compared to prior year periods.

For the full fiscal year, net sales grew by 0.5% to EUR 994.8 million. This stands as an inflection point as the NMD segment had experienced continued strong revenue decline in preceding years and in preceding quarters. As we accepted, revenue decline was stronger focus on higher quality customer cohorts. It is reassuring to now report top-line growth on the basis of a much stronger customer file. In addition, our commitment to full price selling drove a strong gross profit margin increase of 160 basis points to 48.3% in the second half of fiscal year '26 compared to the first half.

While the gross profit margin decline in the quarter was driven by previous year comps. For the full fiscal year '26, the gross profit margin increased as well by 170 basis points from 45.9% in fiscal year '25 to 47.5% in fiscal year '26. Lowering our cost base remains the central pillar of our transformation, and our SG&A cost improvements showed acceleration throughout fiscal year '26. For Q4, our SG&A cost ratio improved 500 basis points year over year from 24.5% to 19.5%. The SG&A cost ratio in the second half of fiscal year '26 improved by 350 basis points, versus the first half of the fiscal year.

In absolute terms, already in the first year of our transformation, at the Net-a-Porter Mr. Porter segment, we achieved EUR 29.8 million SG&A cost savings versus fiscal year '25 or minus 11% of the cost base. In fiscal year Q4, the 19.5% cost ratio at Net-a-Porter Mr. Porter was still 700 basis points higher than at Mytheresa, and thus still leaves significant opportunity for further cost savings, especially in tech and operations. On the bottom line, we're very proud to report that this is our first quarter in fiscal year '26, achieving positive adjusted EBITDA at Net-a-Porter Mr. Porter, coming in at a 2.7% margin.

This milestone marks a significant step forward, representing an expansion of 230 basis points compared to Q4 of last year. With this, H2 of fiscal year '26 was also already positive on adjusted EBITDA level at a plus 1.2% margin versus minus 2.5% in fiscal H1. At Net-a-Porter Mr. Porter, IEPA tariff refunds had a positive effect of 250 basis points in the adjusted EBITDA margin in the quarter. The effect is stronger than at Mytheresa, given the operational setup of Net-a-Porter Mr. Porter, with a warehouse in the U.S. and a higher U.S. revenue share. Even if you take out the IEPA tariff refund effect, fiscal Q4 would still be positive at Net-a-Porter Mr. Porter. The Net-a-Porter operational setup is fully capable of dealing with various tariff situations expected to continue to do so.

Inventory levels at Net-a-Porter Mr. Porter are slightly up plus 5.5% to previous year and going forward we will continue to enable top-line growth at Net-a-Porter Mr. Porter with adequate working capital. Before reviewing YOOX financial performance, I want to note that following the successful sale of the outlet at the end of April, we also concluded our transition services agreement with the buyer at the end of July 2026. Concluding this final step in the divestment allows us to fully concentrate our resources on driving our core off-price business at YOOX. In line with our transformation plan, at YOOX we're focusing on the healthy core of the business, deprioritizing overseas markets with high cost to serve, and implementing a lean operating model supported by a simplified off-price tech environment.

As Michael mentioned, and similar to Net-a-Porter Mr. Porter, we achieved top-line growth at YOOX already in the fourth quarter. Net sales for the quarter came in at EUR 110.5 million, representing growth of plus 6.6%. A key focus of our transformation is on implementing a highly efficient operational structure tailored to the lower AOV and slightly lower gross margin nature of the off-price business. Our SG&A cost ratio in H2 of fiscal year '26 compared to H2 of the previous year improved significantly by 560 basis points from 29.4% to 23.8%. This equals to EUR 17.5 million absolute cost savings, or minus 23.3% of the cost base.

The acceleration is also visible throughout fiscal year '26. The H1 SG&A cost ratio was at 28.1%, 430 basis points higher than an H2 of fiscal year '26 at 23.8%. On the back of these SG&A cost savings, adjusted EBITDA improved significantly in fiscal year '26. The Q4 adjusted EBITDA margin in fiscal year '26 was at minus 10.5% versus minus 19.8% in the previous year. This represents a 920 basis points margin improvement. The acceleration during fiscal year '26 is also visible in comparing the minus 7.8% margin in fiscal year H2 with minus 10.9% in fiscal year H1, a 310 basis points margin improvement from H1 to H2 of fiscal year '26.

Inventory levels at YOOX were stable at plus 0.3% versus previous year. Let's look ahead to fiscal year '27, which has already started in July '26. We are very proud of the significant progress achieved in fiscal year '26, which will have a full year effect in fiscal year '27 on top to additional measures already defined. Supported by our transformation activities in fiscal year '26, net sales showed an increase of plus 3.2%. With the top line success of Q4 and our visibility into Q1 of fiscal year '27, we expect to grow mid to high single digit at group level for fiscal year '27 in total.

On bottom line, in fiscal year '26, we achieved a break even for the full year and a plus 1.7% adjusted EBITDA margin in H2 of fiscal year '26. For fiscal year '27, we expect the adjusted EBITDA margin at around 2% to 3%. To give you some broader commercial context on the business, I would also like to provide indications for our three segments. At mid-30s for fiscal '27 on top line. We expect continued high single digit to low double digit growth and adjusted EBITDA profitability slightly better than in full fiscal year '26. At Net-a-Porter Mr. Porter, continued growth, top line, mid single digit, and around 100 to 200 basis points adjusted EBITDA margin improvement compared to full fiscal year '26, not compared to Q4. At YOOX, we expect mid single digit top line growth, with the adjusted EBITDA margin remaining negative in the mid single digit range. We expect to reach adjusted EBITDA break-even at YOOX in FY'28.

Given the seasonality of our business, the strong fiscal Q4 performance for the group should not be expected throughout fiscal year '27. Fiscal Q1 and Q3 usually have a lower performance and Fiscal Q2 and Q4 have a stronger performance than the average. For the current fiscal Q1, which runs from July to September '26, we are very pleased with the performance. Therefore, on group level, we expect high single-digit net sales growth and a just slightly negative adjusted EBITDA margin, which is a strong improvement to prior years adjusted EBITDA margin. We expect a significantly improved Q1 performance. Beyond fiscal year '27, we expect, on top line, a 10% to 15% CAGR in the next years.

On bottom line, and in the years after fiscal year '27, we expect an annual 150 to 250 basis points increase then adjusted EBITDA profitability until we reach 7% to 9% adjusted EBITDA margin medium term at EUR 4 billion net sales. We have a strong cash position today and anticipate the remaining transformation in the next two years to absorb and not only another EUR 150 to EUR 250 million total cash burn. We therefore expect to have a significant cash buffer during and after the transformation of a minimum of around EUR 200 to EUR 300 million, without adding any cash utilization of our RCFs. On September 3, management received the authorization for share repurchase program of our ADRs, which may be executed through accelerated share repurchases and at management's discretion based on market conditions. We have not implemented the repurchase program as of now and there's no guarantee that we may do so.

In summary, we are at an inflection point for LuxExperience. After the first year of our transformation, we are already breaking even on adjusted EBITDA. All segments are set for further growth in fiscal year '27 to take significant market share. In total a 2% to 3% adjusted EBITDA margin. We expect to grow even stronger with further improving industry sentiment. The turnaround of YNAP is bearing fruit with significant sequential and accelerating SG&A cost savings and adjusted EBITDA improvements. We have a significant cash buffer to weather any further macro uncertainties. We are committed to continue our track record of diligently executing our plans and delivering what we target. And with this, I hand over to Michael for his concluding remarks.

Michael Kliger

Thank you, Martin. LuxExperience is the one and only digital destination for luxury enthusiasts worldwide. The strength of our businesses is based on resilient business models and superior customer economics. The results of Q4 fiscal '26 underline this and show the tremendous progress we have achieved in our transformation plan in just the last 12 months.

We have delivered on our fiscal year guidance. Mytheresa again performed best in class in the sector. Net-a-Porter and Mr. Porter achieved a clear turnaround. And YOOX is in high gear to achieve the same. We have proven that at LuxExperience we possess the secret sauce in digital luxury. Just heard from Martin for fiscal year '27. We now expect a further acceleration of top line growth and even healthier profitability.

As a group, we are well positioned to benefit from the sustained growth of digital luxury and the improvements in the global luxury sector. We expect to continue to generate enormous value for our customers, brand partners, and shareholders. And with that, I ask the operator to open the line for your questions.

Operator

We will now begin the question and answer session. [Operator Instructions] Your first question comes from the line of Oliver Chen with TD Cowen. Oliver, your line is open. Please go ahead.

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Oliver Chen

Especially in the U.S., very impressive. Regarding the guidance and the modeling, what should we know about gross margin relative to SG&A, and how are you seeing merchandise margins evolving for next year in terms of promotional levels and what may happen for gross margin? Michael, it would also be helpful to brief us a bit on what you're seeing regionally between all the momentum and share gains in the U.S. relative to Europe and any distinctions that you'd want to make there because there's many different crosswinds happening globally. Finally, on ERP platform migration, where are you with that? You've made a lot of progress, but I would love any milestones we should pay attention to. The YOOX positioning seems quite compelling, but as we look ahead, it sounds like you're looking for the negative mid-single-digit range still, but would love puts and takes on profitability there, given the repositioning underway. Thanks a lot.

Michael Kliger

Okay, let me take on the geography and ERP questions, Oliver, and then Martin takes on the margin and EBITDA profitability. So geography wise, I mean, as stated, the U.S. is at the moment the fastest growing digital luxury market. The growth rates we deliver for us clearly indicate we are taking market share because this is even better than what we see and hear from others in the U.S. market. The U.S. consumer is really willing to spend, particularly at the very high end that we focus on. Europe continues to be a good market, but Europe is polarized, regionally but also probably more polarized by the different segments we see real pockets of strengths where wealth has agglomerated, be it Italy, be it Spain, Portugal, Greece, there's a lot of influx of new money.

That Europe is also a great success case for YOOX is to us no surprise, because at the same time we see in some markets really sluggish demand for luxury products, be it France, Germany, and I mean domestic, not tourism demand. But here the polarization is of course also very, helping us on the other end of the portfolio spectrum with YOOX success and Middle East, the demand has come back. Arabic Peninsula, the demand has come back. But of course, there's still weekly, monthly swings to the positive or to the negative. And also a lot of the demand of our customers in the last month happened abroad. So we will see how much the domestic demand of those clients that we continue to serve 12 months around will pick up as we move now back to the region, September, October, November. And lastly, China, greater China, we believed at the beginning of the year, we will see the bottom and it will rapidly improve. The summer was disappointing.

While Southeast Asia still offers opportunities, both for Net-a-Porter, Mr. Porter, for Mytheresa, the U.S. is the focus. That's where our marketing spend pays off nicely for. For YOOX, it's really the core market Europe, 23% growth in the last quarter. Fantastic for that business. So we're very pleased with that. On the ERP side, we make continuous progress. We will have a big replacement of many different elements. The HRS system has already been introduced globally in May. The ERP system for Net-a-Porter, Mr. Porter, has been upgraded to BC Central and is live. So we've done the switch. ERP upgrades can be quite significant.

Disturbing to business, we have done so with very little disturbance to the business. So we are running now in BC Central both Mytheresa and Mr. Porter. There will be another big system upgrade in autumn on all the buying and merchandising business operations in Net-a-Porter and Mr. Porter. And the webshop migration continues to progress very well. We had the very first demo sessions on the app on the website. So we are fully in line if not even slightly ahead.

Martin Beer

On the systems upgrades. Martin? Yes, happy to take the margin questions.

Oliver Chen

All right.

Martin Beer

Exactly. As you say, the profitability improvement is coming from top line, but also on a cost ratio perspective or income ratio on gross profit margin, where we expect continuous further improvement, and especially on the SG&A cost ratio, especially at Net-a-Porter Mr. Porter and YOOX, there are significant improvements. And also the top line will obviously help also on the cost ratio to get that closer to the Mytheresa benchmark level. Especially, I mean, we have in the full fiscal year '26 reported top line decline minus 8.4% And we guide fiscal year '27 to mid single digit decline driven by what Michael said, we focus on the European geography with continuous focus on the healthy core customer because we are really focusing on, you know, turning units around and increasing significantly, increasing profitability. For fiscal year '26, we report that minus 9.4% adjusted EBITDA margin. And for fiscal year '27 now with the continuous efforts that we're doing on especially on SG&A, then guide to a mid single digit, negative profitability. So again, almost halving the, the losses there. And also I had earlier communicated that for fiscal year '28, we clearly target and expect the turnaround at YOOX on adjusted EBITDA level.

Oliver Chen

Thank you. Best regards.

Operator

Your next question comes from the line of Blake Anderson with Jefferies. Blake, your line is open. Please go ahead.

Blake Anderson

So I wanted to start off with the guidance, um, in terms of the mid to high single digit sales growth. Sounds like you guided high single for Q1, so it's off to a stronger start. How should we think about the likelihood that for the full year you reach high single versus slowing down to mid single, just wondering kind of how you're thinking about the back half. Are you being prudent or other puts and takes to think about why the business might flow in Q2 through Q4.

Martin Beer

Blake, thanks for the question. The good thing is, as we report now and the Q1 is almost finished, we obviously have clear visibility in Q1 and are very happy with the overall performance. Fiscal year '26 was strong. We enter fiscal year '27 with a strong Q1, which is great. And obviously, as you know, there are multiple factors, not only on seasonality, how Q2 and Q3 are different, Q4 will play out our strong quarters, fiscal Q2 and Q4, and how fiscal Q3 will turn out as we had a very strong fiscal Q3 in the last, this is clearly too early to tell, but to guide the whole for the whole group to high single digits, I think is a huge progress that we see, that we saw in Q4, and then now guide for the full fiscal year. And obviously, that implies, and we also gave a bit of a color on the second performance, that all three segments have strong top line growth. Mytheresa, Net-a-Porter, Mr. Porter, and YOOX. So continued commercial success, and we're really happy and therefore have a strong guidance for fiscal year '27.

Blake Anderson

Thank you. And as a follow-up on the Mytheresa, AOV growth remains double digits. Seems like that's really driving the business with shipments closer to flat. Can you talk about the drivers of that AOV growth? Anything in terms of like for like price increase, category mix, units per transaction, anything about that, and sustainability of AOV, into 2027 that double digit growth. And then if I could also ask on YOOX, Q4 was really strong led by Europe as you called out. Curious if there's anything any more color you can provide on on the strength there in that region in Q4.

Michael Kliger

Sure, happy to jump in on this. So clearly, high AOV is really helping on unit economics, so we're very happy that we have achieved now EUR 875 at Mytheresa and we already have EUR 885 at Net-a-Porter, Mr. Porter. Drivers for this are the growing importance of the top customers. Top customers per definition and per reality always have a higher basket value. They shop higher item value items. So it's a mixed effect that shows for the company. If the share of the business with top customer goes up to almost 50%, the EUR 1,200, EUR 1,300 AUV baskets of those customers take a bigger weight without significantly changing the items.

We do see also another big influence is the increasing expansion of fine jewelry. We have Bulgari on Mytheresa, we launched Piaget on Mytheresa, we have Cartier, Vacheron. So we have a really good representation and see increasing appetite for also fine jewelry in the range of 20 to EUR 80,000 per piece. So that also drives but fully pays into the focus on top customers. On the success in Europe, there is a polarization and there is, of course, let's call it for better words, middle class luxury spend customer who think twice now how much they spend. There is inflationary pressure. There's energy prices, so we believe having jewels in the portfolio that offers luxury fashion at deep discounts because they're off season because they're one-year-old items but for people that want to have great brands at those prices. It's a great offer and the focus on Europe is engineered.

We have an AOV of EUR 250 to EUR 243, I believe, in YOOX. And so it makes much more sense to incur shipping costs for Europe, for the continent than trying to compete at this stage in the U.S. or in Japan for big business. That may change in the future but at the moment we focus on the healthy core.

Operator

That's very helpful. Thanks so much. Your next question comes from the line of Anna Glaessgen with B. Riley. Anna, your line is open. Please go ahead.

Anna Glaessgen

Hi, good morning. Thanks for taking my question.

A few on Net-a-Porter and Mr. Porter. First, great to see the acceleration ex-U.S. in the U.S. from 3.7 to 15.1. if you can unpack if there was anything one time in the quarter that we should be aware of. And then secondly, in the past, you've discussed bringing up the marketing spend to be a parity with the Mytheresa business. Now that you've invested more in marketing, are you satisfied with this level of marketing spend? Thanks.

Michael Kliger

There's no one-time effect that drove the really nice top line for Net-a-Porter, Mr. Porter in the U.S. It's just our marketing gets better, our curation gets better, we upgraded or completely changed our customer messaging backbone, ripped out the old infrastructure, put a new infrastructure. Our storytelling has completely been redone by the teams since January and all of that resonates and then you took to put on top of it a lot of activations, of course, also focused on the U.S. customers, focused on the U.S. markets. That's the formula and it's not defining the formula, it's executing that makes the difference and therefore our guidance that Martin laid out is completely based on continuing exactly on that trajectory so that the last quarter was not a one time off. We will see continued success, Net-a-Porter, almost 50% of their business is based in the U.S. So that has been and will be a strong hold and we just kicked off New York Fashion Week with big campaigns, big events, also by Net-a-Porter in New York and thus we're this is not a one-off, this is a continuation and marketing expense. We are very happy with what we see.

It's a dual effort. The marketing cost of Net-a-Porter have a higher share of editorial content. We launched a Porter Magazine cover with Cindy Crawford. On that basis, we had an event last week with Cindy and her friends in New York. We launched a Porter Magazine with Serena Williams on it, and she also attended the event. That's important part of it but then also digital marketing we completely exchange the tools and more importantly algorithms and get better and better now. I mean something we have done since 2017 on Mytheresa. So all of that pays off but we have just started. There's so much more we can do and it works. So we are very happy with the spending level and if we see.

Operator

More opportunity, we will actually spend more. Great. Thank you. We have time for one more question. Our final question will be from the line of [ Cedric Norrist ] with Morgan Stanley. Oh. Hold, please. All right, this concludes today's call. Thank you for attending. You may now disconnect.

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