Mister Spex : FY 2024 Results Investor Presentation

The leading digitally

native omnichannel optical

brand in Europe

Investor Meeting Presentation

March 2024

1

Looking ahead

Agenda for today

1. Company
2. FY 2023 Results

2

1 Company

3

Our purpose

We empower and inspire people to wear glasses with joy and confidence

4

Mister Spex at a glance

Karmsund (warehouse)

The #1 online-driven omnichannel optical brand in Europe

€224m 6%

Revenue 2023

YoY revenue growth

51% +212bp

Gross margin 2023

YoY growth

€0.9m €111m

AEBITDA 2023

Cash and cash equivalents 2023

10	75
Countries	Stores
>7.4m	72%
Customers	Aided Brand
	Awareness(1)

Revenue by segment

m€

International

55

Stockholm (regional office, warehouse)

Berlin, HQ

Revenue by category

Miscellaneous services
2%
Contact lenses (CL)
27%	Prescription glasses (PG)
40%

(1) Q4 2020 Germany; online shoppers 18-59 years old	169
Germany		30%
5		Sunglasses (SG)

The eyewear market is large and hasn't changed in the last 100 years

Sizable global eyewear market(1) ... that is further propelled by structural tailwinds

€105bn

Global eyewear

market

+4%

CAGR ('20-'25E)

1 Consumers are more willing to shop online, but the possibilities are limited…

Online penetration by industry in Europe

(%)(2)

2017 2020

2 … at the same time European population is gradually ageing

• European population by age group(3)

3 … and doesn't see eyewear as only a medical device…

Fashion and luxury eyewear

Frame market growth CAGR (2015-19)(3)

€32bn

European eyewear

market

+2%

CAGR ('20-'25E)

	Thereof:
€6bn	73%
German

9%

4%

15%

10%

+11pp 65%

46%

10%

2%

eyewear market	14%
+2%
CAGR ('20-'25E)		13%

Eyewear

Fashion

20002040E

Eyewear Market	Luxury eyewear
(Germany)	(Germany)

(1)	Source: 2020 market sizes per Euromonitor (2021); Graph not to scale	(3)	World Bank, database population estimates and projections (2020) - includes European Union, Switzerland and UK
(2)	Source: Euromonitor (2021), Statista (2020)	(4)	Based on net frames revenue, with Luxury eyewear defined as gross frame prices above €300, Germany only
6

We have a unique positioning in a fragmented eyewear market

Positioning in the eyewear market

German eyewear market is highly fragmented

Fashion
Sub-scale with		Digitally native
	limited growth		omnichannel
			Offline-driven omnichannel
			player

Independe		Drive to store concepts
nt
opticians &
regional
chains
		Incumbents with limited growth &
		high cannibalization of existing
		business

Digitalization

Stores and	Brick and
optical outlets	mortar sales
Germany, 20221	Germany, 20221
Top 10	Average
net sales
23%	per shop:
	€1.1 m

11,100	Others 49%	~€6 bn	51% Top 10
Outlets	Revenue
77%	Net sales
Others
of ~€ 330k

450 businesses have had to close in the last three years

(1) Source: ZVA Branchereport Augernoptik: Märkte, Consumer und Trends 2022|2023

7

As the consumer becomes more digitally savvy, the ease and experience will play a key role

1

Our core customers are digital natives. They

2

We expand our addressable market by providing an omnichannel experience and providing industry

value ease of the shopping experience and

leading expertise and product knowledge

the latest fashion look that they can achieve

~23%

~30%

~47%

of eyewear buyers

of eyewear buyers

of eyewear buyers

2

1

20	25	30	35	40	45	50	55	60	65	70	75	80	85	90	95
		~70%								Mister Spex customer(1)			Prescription required			Total population

of our customers

Already won

Well positioned with significant upside potential

Source: Company information, Statistisches Bundesamt (2020), Allensbach & ZVA (2019)

1. All customers that bought prescription products or eye exam vouchers
   8

Therefore, our omnichannel model focuses on delivering on a brand promise of…

INTUITIVE EXPERIENCE

EASE

Perfect frame for every face and perfect lens for every eye

STYLE COMPETENCE

OPTICIAN EXPERTISE

We aim to deliver proof at every customer touchpoint

9

Delivering a superior customer value proposition

Brand promise

INTUITIVE EXPERIENCE

EASE

Perfect frame for every face and perfect lens for every eye

STYLE COMPETENCE

OPTICIAN EXPERTISE

Strong value proposition

FY 2023

10 Countries and 75 Stores Network of >320 Partner Opticians

1,293 Employees

62 Nationalities

70 Optician trainees

16% Own Brand share

18% Boutique share1

>150 Brands

>2,700 Boutique and Own Brand SKUs 17 collaborations in 2022

1. Boutique share in Prescription and Sunglasses: 24%