Global Fashion Group S.a. · XETR:GFG
Global Fashion — Q2 2026 Earnings Presentation
34 slides from Global Fashion's earnings presentation, Aug 13, 2026
Slide 1: Fashion & Lifestyle Destination in ANZ, LATAM & SEA
#1 FASHION & LIFESTYLE DESTINATION IN ANZ, LATAM & SEA Q2 & H1 2026 RESULTS PRESENTATION 13 August 2026 Q2 & H1 2026 RESULTS PRESENTATION
Slide 2: Executive Summary
EXECUTIVE SUMMARY 1 Further strengthened unit economics Progressed delivery proposition and Marketplace & Platform 2 Services offering 3 Embedding AI across the business Delivered first Adj. EBITDA profitable H1 4 Improved LTM June Adj. EBITDA +€23m and NFCF +28m yoy Narrowed guidance: NMV (4)-0% yo
Slide 3: Q2 2026: Maintained Stable Topline and Delivered Adj. EBITDA Margin Expansion
Q2 2026: MAINTAINED STABLE TOPLINE AND DELIVERED ADJ. EBITDA MARGIN EXPANSION €263m 47.7% 3.6% NMV GROSS PROFIT MARGIN ADJ. EBITDA MARGIN (0.6)% yoy1 0.0ppt yoy +1.8ppt yoy 7.0m 3.8m 2.4x ACTIVE CUSTOMERS ORDERS ORDER FREQUENCY (5.5)% yoy (5.6)% yoy +1.8% yoy (1) Constant currency growth rate. 3 Q2
Slide 4: Business Update
BUSINESS UPDATE 4 Q2 & H1 2026 RESULTS PRESENTATION
Slide 5: Unit Economics: Prioritising Value Over Volume
UNIT ECONOMICS: PRIORITISING VALUE OVER VOLUME LTM JUNE 2023 VS. LTM JUNE 2026 PER ACTIVE CUSTOMER1 DRIVERS +91% Prioritising customer quality (23)% +47% over quantity targeted campaigns focused on ACTIVE CUSTOMERS +10% +16% higher value customers NMV Gross Profit (GP) GP – Fulfilment GP – Fulfilmen
Slide 6: Delivery Proposition: Increasing Speed and Reliability
DELIVERY PROPOSITION: INCREASING SPEED AND RELIABILITY Service quality drives retention Customer-centric innovation Track record of cost efficiency >90% ON-TIME DELIVERY across all regions Next-day METRO REACH available in key cities (3)ppt FULFILMENT COST % OF NMV LTM June 2023 vs. 2026 • >20% fast
Slide 7: Marketplace: Scaling & Optimising Fulfilled By Offering
MARKETPLACE: SCALING & OPTIMISING FULFILLED BY OFFERING ANZ LATAM SEA LAUNCHED JAN-23 LAUNCHED JUN-24 LAUNCHED 2019 FULFILLED BY Accelerating adoption Building on strong early adoption Optimising assortment / brand mix 29% Share of 15% Marketplace NMV 6% # Brand Partners1 88 Not launched 70 81 H1/24
Slide 8: AI: Transforming Content Production
AI: TRANSFORMING CONTENT PRODUCTION AI Generated Content in LATAM >50% PRODUCT CATALOGUE – 100% AI across LATAM MARKETING CAMPAIGNS reduction in Brazil eproduction costs through AI Faster time to market through automated production flows VIDEOS Greater control with real-time content adjustments base
Slide 9: AI: Expanding Presence Across AI Interfaces
AI: EXPANDING PRESENCE ACROSS AI INTERFACES + Answer Engine GOOGLE UNIVERSAL COMMERCE PROTOCOL (“UCP”) PILOT 1 of 5 Australian launch partners Optimisation (“AEO”) for product content Customers find THE ICONIC products Seamless checkout, THE ICONIC remains merchant through Google Search or Gemini of
Slide 10: AI: Enabling Commercial Transformation
AI: ENABLING COMMERCIAL TRANSFORMATION ANZ AUTOMATION PRICING TOOL SCALING AND TESTING AI USE CASES ACROSS WORKFLOWS 100% of ANZ Retail assortment utilising as of June Continuous demand, conversion and competitor signals resulting in faster pricing recommendations Planning enablement Campaign SKU se
Slide 11: Segment Results
SEGMENT RESULTS 11 Q2 & H1 2026 RESULTS PRESENTATION
Slide 12: ANZ: Continued Growth in Topline and Profit
ANZ: CONTINUED GROWTH IN TOPLINE AND PROFIT 2026 H1 YoY Q2 YoY NMV1 (€M) 242 +3% 138 +3% Revenue1 (€M) 163 +3% 93 +2% Gross Margin 48% +0.1ppt 48% +0.4ppt Adj. EBITDA Margin 5% +2ppt Active Customers (M) 2.0 +2% (1) Constant currency growth rate. 12 Q2 & H1 2026 RESULTS PRESENTATION
Slide 13: LATAM: Protecting Profitability Amid Topline Pressure
LATAM: PROTECTING PROFITABILITY AMID TOPLINE PRESSURE 2026 H1 YoY Q2 YoY NMV1 (€M) 144 (2)% 83 (1)% Revenue1 (€M) 84 (7)% 48 (5)% Gross Margin 46% +0.3ppt 46% (1)ppt Adj. EBITDA Margin 1% +3ppt Active Customers (M) 3.3 (6)% (1) Constant currency growth rate. 13 Q2 & H1 2026 RESULTS PRESENTATION
Slide 14: SEA: Improving Profitability Through Significant Cost Reductions
SEA: IMPROVING PROFITABILITY THROUGH SIGNIFICANT COST REDUCTIONS 2026 H1 YoY Q2 YoY NMV1 (€M) 93 (11)% 42 (10)% Revenue1 (€M) 64 (12)% 29 (11)% Gross Margin 49% +1ppt 51% +0.2ppt Adj. EBITDA Margin 3% +3ppt Active Customers (M) 1.7 (13)% (1) Constant currency growth rate. 14 Q2 & H1 2026 RESULTS PRE
Slide 15: Group Results
GROUP RESULTS 15 Q2 & H1 2026 RESULTS PRESENTATION
Slide 16: Deeper Engagement and Frequency Offset Customer Decline
DEEPER ENGAGEMENT AND FREQUENCY OFFSET CUSTOMER DECLINE ACTIVE CUSTOMERS ORDER FREQUENCY (M) (X) (5.5)% +1.8% 7.5 7.0 2.3 2.4 H1/25 H1/26 H1/25 H1/26 Note: Active Customers and Order Frequency are rolling 12-month KPIs. 16 Q2 & H1 2026 RESULTS PRESENTATION
Slide 17: Higher Average Order Value Mitigated Lower Volume
HIGHER AVERAGE ORDER VALUE MITIGATED LOWER VOLUME NMV1 Retail Marketplace ORDERS AVERAGE ORDER VALUE1 (€M) (M) (€) (0.6)% (5.6)% +5.3% 249 263 61.4 68.7 4.1 3.8 39% 40% Q2/25 Q2/26 Q2/25 Q2/26 Q2/25 Q2/26 (1.7)% (6.6)% +5.3% 476 478 7.9 7.3 60.4 65.1 40% 41% H1/25 H1/26 H1/25 H1/26 H1/25 H1/26 (1) G
Slide 18: First Positive H1 Adj. EBITDA Driven by Optimising Costs
FIRST POSITIVE H1 ADJ. EBITDA DRIVEN BY OPTIMISING COSTS REVENUE1 GROSS PROFIT / MARGIN ADJ. EBITDA / MARGIN (€M) (€M) (€M) (2.9)% 0.0ppt +1.8ppt 163 169 78 81 6 3 47.7% 47.7% 3.6% 1.8% Q2/25 Q2/26 Q2/25 Q2/26 Q2/25 Q2/26 (3.5)% +0.2ppt +2.8ppt 309 307 145 145 1 46.9% 47.2% (2.5)% 0.3% (8) H1/25 H1/
Slide 19: Reduced Key Cost Ratios Despite Lower Topline
REDUCED KEY COST RATIOS DESPITE LOWER TOPLINE COSTS % OF NMV1 H1/25 H1/26 YOY FULFILMENT 15.1% 13.8% (1.3)ppt MARKETING 6.9% 6.9% - TECH & ADMIN2 15.6% 14.3% (1.3)ppt (1) All costs include D&A. (2) Admin costs exclude share-based payments. 19 Q2 & H1 2026 RESULTS PRESENTATION
Slide 20: Significant LTM Cash Flow Trajectory Improvement
SIGNIFICANT LTM CASH FLOW TRAJECTORY IMPROVEMENT €M Q2/25 Q2/26 YOY PRO-FORMA CASH BALANCE Pro-Forma Cash (€M) Pro-Forma Net Cash Adj. EBITDA 3 6 +3 Cash Lease Costs (4) (4) - 109 2 1 105 Working Capital 6 6 - (7) Capex (3) (3) - 104 86 89 Other NFCF (3) (3) - Normalised Free Cash Flow1 (“NFCF”) (1)
Slide 21: FY 2026 Guidance
FY 2026 GUIDANCE Previous Revised H1 2026 As of 4 March 2026 As of 13 August 2026 Results • Capex and leases around (4)-4% yoy (4)-0% yoy (2)% yoy NMV1 2025 levels (€13m capex and €18m leases in 2025) Implies €990-1,070m Implies €1,050-1,090m • Working capital inflow expected to be higher than Adj.
Slide 22: Q&A
Q&A 22 Q2 & H1 2026 RESULTS PRESENTATION
Slide 23: Appendix
APPENDIX 23 Q2 & H1 2026 RESULTS PRESENTATION
Slide 24: FX Impact Summary
FX IMPACT SUMMARY Q2/26 Impact at Q2/25 FX Rates Country (Currency) FX YoY Change NMV (€M) Revenue (€M) Adj. EBITDA (€M) Australia (AUD) 8.0% 10.2 6.9 0.5 Brazil (BRL) 9.4% 5.9 3.4 0.1 Other (0.6)% (0.4) 0.5 0.1 TOTAL 6.3% 15.7 10.8 0.7 H1/26 Impact at H1/25 Rates FX Rates Country (Currency) FX YoY
Slide 25: Inventory Overview
INVENTORY OVERVIEW AS OF 30 JUNE H1/24 H1/25 H1/26 24-26 Inventory, Net of Provisions1 101 95 90 (11)%3 (€M) Aged Inventory 20% 15% 14% (7)ppt >180 Days as % of Gross Inventory Inventory Days2 100 95 94 (5)% (1) All historical figures exclude Argentina and Chile and therefore differ from the net in
Slide 26: Cost Overview
COST OVERVIEW COSTS (€M) H1/24 H1/25 H1/26 24-26 COSTS % OF NMV H1/24 H1/25 H1/26 24-26 Fulfilment 79 72 66 (13) Fulfilment 15.8% 15.1% 13.8% (2.0)ppt Marketing 35 33 33 (2) Marketing 7.0% 6.9% 6.9% 0.0ppt Tech & Admin1 82 74 68 (13) Tech & Admin1 16.3% 15.6% 14.3% (2.0)ppt Tech Capex & 22 13 11 (
Slide 27: GFG Shares as of June 2026
GFG SHARES AS OF 30 JUNE 2026 SHARE INFORMATION SHARE-BASED COMPENSATION Common shares in Type of Share dematerialised form with a nominal value of €0.01 LONG-TERM INCENTIVE PLAN1 EXECUTIVE VALUE CREATION PLAN2 Stock Exchange Frankfurt Stock Exchange Vesting Year # of Awards Exercise Price # of Awar
Slide 28: GFG Convertible Bonds Due 2028
GFG CONVERTIBLE BONDS DUE 2028 GFG CONVERTIBLE BONDS TERMS REPURCHASES BONDHOLDER PUT TOTAL Issue Size €375.0m €M 2022-2025 Q1 2026 As of Q2 2026 Status Senior Unsecured Amount 334.1 31.8 365.9 Issue Date 15 March 2021 Bondholder Put Right 15 March 2026 Outstanding Issue Size1 40.9 9.1 9.1 Maturity
Slide 29: Group Tax Loss Carry Forwards
GROUP TAX LOSS CARRY FORWARDS AS AT FY 2025 €M DEC-25 TIME LIMIT TO CARRY FORWARD • Can be carried forward and offset against future taxable income subject to local tax rules and ANZ 86 Indefinitely limitations • Brazil is the only country with a specific restriction – OPERATING LATAM 265 Predominan
Slide 30: Potential Tax Risks & Opportunities
POTENTIAL TAX RISKS & OPPORTUNITIES AS AT H1 2026 POTENTIAL TAX RISKS BRAZIL DIFAL €M 30-JUN-26 31-DEC-25 30-JUN-26 BRL (M) EUR (M) Potential tax risks 41.3 39.8 Judicial deposits - 35.7 In June 2026, GFG secured its Of which: DIFAL deposits 192.7 32.6 first final, unappealable Of which: provisions
Slide 31: Funding Overview
FUNDING OVERVIEW €M Jun-26 €M1 Maturity / Term Total Facility Available Pro-Forma Net Cash 89 Convertible Bonds Mar-28 9 - Convertible Bond Outstanding 9 Australia RCF Jan-28 18 12 Additional Funding Sources 25 BPI Facility Jul-27 1 - Available Liquidity 123 HSBC Facility No fixed date 6 6 Total Fun
Slide 32: KPI Definitions
KPI DEFINITIONS Number of customers who purchased at least one item after cancellations, rejections and returns ACTIVE CUSTOMERS in the last twelve months EBITDA adjusted for impairment of goodwill and other non-financial assets, share-based payment expenses/(credit), ADJUSTED EBITDA Group recharges
Slide 33: Upcoming Events
UPCOMING EVENTS DATE EVENT LOCATION 1 September 2026 Equity Forum German Fall Conference Frankfurt 21 September 2026 Berenberg & Goldman Sachs German Corporate Conference Munich 30 September 2026 NuWays European Small & Mid-Cap Conference Paris 4 November 2026 Q3 2026 Results Virtual 25 November 202
Slide 34: Disclaimer
DISCLAIMER Certain statements included in this document are forward-looking statements. Forward-looking statements can typically be identified by the use of words such as “expects”, “may”, “will”, “could”, “should”, “intends”, “plans”, “predicts”, “envisages” or “anticipates” or other words of simil