Overview
- Net sales fell 4.2% in the quarter to €557.2 million, and adjusted EBITDA was -€28.1 million with a -5% margin.
- The company now guides full-year GMV of €2.4–€2.7 billion and an adjusted EBITDA margin of -2% to +1%, excluding The Outnet.
- Mytheresa delivered double-digit growth and higher gross margin, while Net‑a‑Porter/Mr Porter and Yoox reported year-on-year sales declines.
- Cost-reduction actions are underway across YNAP, with layoffs announced in September and the sale of The Outnet to The O Group expected to close in the first quarter of 2026.
- Executives cite early commercial momentum at YNAP and strong U.S. demand, noting tariff-related costs weighed on the quarter but are expected to ease.