Model Update: Mixed Q3 Results, FY Guide Held; Managing for LT Growth

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Model Update: Mixed Q3 Results, FY Guide Held; Managing for LT Growth

USA | Luxury Brands

LuxExperience EquityMayResearch19, 2026

TARGET | ESTIMATE CHANGEModel Update: Mixed Q3 Results, FY Guide Held;

RATING HOLDManaging for LT Growth

PRICE $6.87^

Q3 rev was a headline miss, impacted by FX, Middle East impacts, and a

reduction in promos, but inline w/ mgmt expectations. EBITDA beat, led by PRICE TARGET | % TO PT $7.75 ($10.00) | +13%

strong GM% and SG&A savings. With FY guide held, we view implied Q4 range as 52W HIGH-LOW $11.38 - $6.54

likely conservative. Although co. still has execution ahead to inflect YNAP and FLOAT (%) | ADV MM (USD) 0.0% | 1.73

Off-Price segments to sustainable growth, the stock now trades at historical EV/ MARKET CAP $963.9M

EBITDA, MYTE is mostly resilient, and synergies provide tangible margin oppty. TICKER LUXE ^Prior trading day's closing price unless otherwise

noted.

Middle East Impacts Short-Lived for Now: The ME war impacted demand in Q3 (March), as DHL

temporarily halted shipments to the region and consumer sentiment softened. The conflict also

FY (Jun) CHANGE TO JEFe JEF vs CONS

weighed on global consumer sentiment, triggering a brief dip in confidence across key mkts incl.

2026 2027 2026 2027

Europe and NA, w/ hesitation in purchasing behavior. The disruption was short-lived, as deliveries

resumed quickly and demand recovered from late March into April. While luxury customers remain REV NM <1% NM -1%

largely resilient, co. flagged aspirational consumers remain a struggling part of the luxury universe. EPS +14% +150% -6% -433%

Mgmt. saw some improvement in bags in Q2 (positive leading indicator), but macro pressure

disrupted early greenshoots.