Giglio.com Spa · MIL:GCOM
Giglio.com Spa — FY2025 Earnings Presentation
42 slides from Giglio.com Spa's earnings presentation, Mar 26, 2026
Slide 1: Investor Presentation - Financial Results 2025
INVESTOR PRESENTATION - FINANCIAL RESULTS 2025 26-03-2026
Slide 2: GIGLIO.COM: a solid business model
GIGLIO.COM: a solid business model A strong business model delivering a strong performance STRONG BUSINESS MODEL STRONG PERFORMANCE An innovative marketplace, a community of over 200 Long-term track record of revenue growth confirmed connected boutiques and brands. Unlike other during and after the
Slide 3: 2025's key financials
2025’s key financials A contraction of revenues in H1 all figures in mln As a consequence of the luxury e-commerce slowdown and a renewed -14% focus on profitability, revenues vs. 2024 went down by 14%. This decrease was mostly seen outside the European Union, while inside the EU sales were almost f
Slide 4: 2025's key financials by semester
2025’s key financials by semester H2 showing a better trend in terms of revenues and EBITDA H1 H2 all figures in mln all figures in mln -23% -6% REVENUES -340 bsp -420 bsp EBITDA MARGIN
Slide 5: 2025's milestones | Community Shopping
2025’s milestones | Community Shopping A new business line which aims to synergistically connect its partners’ ecosystems and inventories The infinite catalog at the service of your boutique A large catalog of clothing and fashion accessories made available to affiliated multi-brand stores. Each Par
Slide 6: 2025's milestones | Pitti Immagine
2025’s milestones | Pitti Immagine An international stage Pitti Immagine The participation to Pitti Immagine represented a strategic milestone, the only multi-brand retailer joining the event since 2015. The event was an opportunity to strengthen the corporate image in the industry and reinforce a s
Slide 7: 2025 in numbers
➢ In 2025 revenues down 14% as a result of a GMV almost in line with 2024 in Europe, counterbalanced by a difficult international outlook. External factors impacting the non-EU area were: - The tariffs and political uncertainty in the US REVENUES - The strong Euro making pricing less appealing ➢ In
Slide 8: Deep dive: economic and financial KPIs
Deep dive: economic and financial KPIs + Gross Merchandising Value page 9-10 ➢ Revenues and gross profit page 11 - Variable Expenses page 12-14 - Fixed Expenses page 15 - Other revenues and capitalization page 16 ➢ EBITDA and Net Result page 17-19 ➢ Cash Flow and NFP page 20 ➢ P&L page 21 ➢ Balance
Slide 9: Gross Merchandising Value (GMV) | Refocus on Europe
Gross Merchandising Value (GMV) | Refocus on Europe Due to a challenging international geopolitical outlook GMV YEARLY TREND all figures in mln The luxury e-commerce slowdown, which has affected the whole industry, was the main reason why the GMV had a contraction vs. 2024 (-13%). In order to pursue
Slide 10: Gross Merchandising Value (GMV) | Refocus on Europe
Gross Merchandising Value (GMV) | Refocus on Europe Due to a challenging international geopolitical outlook H1 H2 GMV YOY TREND all figures in mln all figures in mln -17% +9% -24% +4% -27% -29% TOTAL -23% TOTAL -4% H1 was affected by the luxury slow-down across the board due to: H2 showed a clear re
Slide 11: Revenues and Gross profit | Control of marginality
Revenues and Gross profit | Control of marginality Marginality of sales almost in line vs. 2024 despite the difficult macro-economic scenario REVENUES AND GROSS PROFIT MARGIN GROSS PROFIT all figures in mln all figures in mln -20% The gross marginality slightly below 2024 (26.0% vs. 27.9%) as a resu
Slide 12: Variable expenses
Variable expenses Optimized variable expenses but partially affected by the US tariffs in H2 H1 H2 VARIABLE EXPENSES’ INCIDENCE ON TOTAL REVENUE Marketing + transport, handling, packaging + duties + payment fees -70 bsp +90 bsp Variable expenses kept a similar incidence on total revenues vs. 2024 (+
Slide 13: Variable expenses | Marketing & Communication
Variable expenses | Marketing & Communication Performances supported by controlled and highly efficient marketing investments as focus on nurturing the customer base increases MARKETING EXPENSES ON REVENUES RETENTION RATE +40 bsp +260 bsp As a consequence of a prudent approach aimed at CAC controlli
Slide 14: Variable expenses | Fulfillment
Variable expenses | Fulfillment Optimized the supply chain with a continuous improvement approach FULFILLMENT EXPENSES Fulfillment = transport, handling and packaging all figures in mln In-housed logistics avoiding all the inefficiencies of third parties experienced in 2021. Re-negotiated the commer
Slide 15: Fixed expenses
Fixed expenses Reduced fixed expenses partially offset by the expiration of labor tax incentives H1 H2 FIXED EXPENSES INCIDENCE ON TOTAL REVENUE HR, G&A and others +220 bsp +130 bsp Improved fixed expenses with 0.5mln € total savings vs. 2024, achieved thanks to an optimization of expenses and inves
Slide 16: Other revenues and capitalization
Other revenues and capitalization Similar incidence of other revenues compared to 2024 H1 H2 OTHER REVENUES’ INCIDENCE ON TOTAL REVENUE Other revenues -70 bsp +90 bsp Similar incidence of other revenues compared to 2024 INCIDENCE ON REVENUE VS. 2023 H1 H2 TOT OTHER REVENUES AND CAPITALIZATIONS -60 b
Slide 17: Adjusted EBITDA Margin | Affected by the luxury slow-down
Adjusted EBITDA Margin | Affected by the luxury slow-down ADJUSTED EBITDA MARGIN: 2025 vs. 2024 The adjusted EBITDA margin goes from -0.4% to -4.1% as a consequence of the decrease of revenues, which affected the incidence of the fixed costs on total revenues. Adj EBITDA margin Gross profit margin V
Slide 18: Adjusted EBITDA Margin | Affected by the luxury slow-down
Adjusted EBITDA Margin | Affected by the luxury slow-down ADJUSTED EBITDA MARGIN The adjusted EBITDA margin showed consistent improvement from 2021 to 2024, with a 2025 affected by the contraction of the demand.
Slide 19: Net Result | Affected by the luxury slow-down
Net Result | Affected by the luxury slow-down NET RESULT The Net Result showed consistent improvement from 2021 to 2024, with a 2025 affected by the contraction of the demand.
Slide 20: Cash Flow & NFP
Cash Flow & NFP Cash Flow FY2025 Net Financial Position Bridge FY2024 - FY2025 NCF Share buybacks EBITDA Δ NM Δ Adj WC Interests & Other CapEx NCF Adj EBITDA Adj NFP 2024 Adj NFP 2025 Figures in thousands 2025 2024 Net Financial Position (NFP) as of December 31, 2025, amounted to €4,149 thousand (€4
Slide 21: Profit & Loss
Profit & Loss Revenues and cost structure vs. 2024 vs. LY 2025 on total revenue 2024 on total revenue (all numbers in k) on total revenue Revenue € 39,496 € 46,189 Cost of revenue -€ 29,208 -74.0% -€ 33,313 -72.1% -1.8 Gross Profit € 10,289 26.0% € 12,875 27.9% -1.8 Marketing expenses -€ 1,815 -4.6%
Slide 22: Balance sheet
Balance sheet Balance sheet vs. end of 2024 (all numbers in k) 12/31/2025 12/31/2024 Delta Intangible fixed assets € 5,424 € 5,967 -€ 544 Tangible fixed assets € 998 € 1,192 -€ 195 Financial assets € 250 € 250 €0 Total fixed assets € 6,671 € 7,410 -€ 739 Adjusted fixed assests € 6,421 € 7,160 -€ 739
Slide 23: 2026's Gross Merchandising Value rebounding
2026’s Gross Merchandising Value rebounding Business back to growth in Europe, counterbalanced by a difficult international outlook given by geopolitical tensions 2026’S GMV BY REGION SHARE OF 2026’S GMV BY REGION all figures in mln +6% +22% -36% TOTAL -3% 2026 is showing a clear rebounce of the dem
Slide 24: 2026's Gross Merchandising Value rebounding
2026’s Gross Merchandising Value rebounding Business back to growth in Europe, counterbalanced by a difficult international outlook given by geopolitical tensions YOY GMV GROWTH BY SEMESTER The YOY contraction of the business peaked from H1 2024 and H1 2025. Starting from H2 2025 the business showed
Slide 25: Corporate Presentation
CORPORATE PRESENTATION 26-03-2026
Slide 26: GIGLIO.COM: a solid business model
GIGLIO.COM: a solid business model A strong business model delivering a strong performance STRONG BUSINESS MODEL STRONG PERFORMANCE An innovative marketplace, a community of almost 200 Long-term track record of revenue growth confirmed connected boutiques and brands. Unlike other during and after th
Slide 27: Our Story
Our Story Born in 1996 with the first online fashion boutique in Italy: GIGLIO.COM 2016 2021 2022 2024 From 1P to 3P We are 100 GIGLIO.COM in Piazza Exceeded 50 mln € revenue Release of the new Affari and 125k active customers Community Shopping feature The company reaches a The employee team now A
Slide 28: A solid business model: an innovative marketplace
A solid business model: an innovative marketplace An innovative business proposition connecting over 200 fashion boutiques MONTH 0 MONTH +9 MONTH +15 MONTH +18 Brands WHOLESALE The wholesaler The wholesaler pays The wholesaler sells the The unsold stock is Wholesaler MODEL orders the collection the
Slide 29: A solid business model: an innovative marketplace
A solid business model: an innovative marketplace An innovative business proposition connecting over 200 fashion boutiques RISK-FREE CASH CATALOG SUPPLY CHAIN INTERACTION PLATFORM INVENTORY GENERATIVE CONTROL & FULFILLMENT WITH CUSTOMER Different from the wholesalers Unlike Mytheresa, Luisaviaroma a
Slide 30: A solid business model: unparalleled selection
A solid business model: unparalleled selection Sourcing inventory from more than 200 partners: our Community Store Number of partners BRANDS IN E-CONCESSION MODEL Dozens of brands connected through an e-concession model, integrating their collections into GIGLIO.COM. MULTI-BRAND STORES Over 170 luxu
Slide 31: A solid business model: fully owned and flexible technology
A solid business model: fully owned and flexible technology A fully owned technology as a competitive advantage CUSTOM INTEGRATION EXTERNAL PROVIDERS Google Facebook Atelier98 Eversell Analytics Google Emarsys Affiliation Magic Ads E-fashion Store Hotjar Xmag CORE DATA WAREHOUSE COMMUNITY MERCHANT A
Slide 32: A solid business model: strong branded DNA
A solid business model: strong branded DNA A curated boutique “Proudly Made in Mediterraneo” A melting pot of cultures, peoples and aesthetic values. We are tireless seekers of beauty. We are inspired by the vitality and sense of inclusiveness typical of the Mediterranean, which are part of everythi
Slide 33: A solid business model: strong branded DNA
A solid business model: strong branded DNA A curated boutique “Proudly Made in Mediterraneo” Inclusiveness Sustainability Reliability Our mission is to enhance inclusive We promote system change with greater The satisfaction of our customers is the beauty (ethnic, physical, and gender) ecological in
Slide 34: Management Team
A solid business model: growing managerial structure Structuring a solid and experienced management team FOUNDERS FOUNDERS EMPLOYEES BREAKDOWN Breakdown by age Breakdown by gender GIUSEPPE GIGLIO FEDERICO GIGLIO CO-CEO & CO-FOUNDER CO-CEO & CO-FOUNDER # of employees, as of Dec. 31st 2025. On call ex
Slide 35: A solid business model: a global presence
A solid business model: a global presence Bringing luxury fashion to a global consumers’ demand Italy 40% Oth. Europe 33% North America 6% APAC 13% From the boutiques... to GIGLIO.COM... RoW 7% GMV 2025 by geo-area Addressing fashion lovers around the world - 150 countries served, - 10 languages ava
Slide 36: Strong performance: outstanding marketing fundamentals
Strong performance: outstanding marketing fundamentals highly efficient marketing investments as focus on nurturing the customer base increases STRONG NEW CUSTOMER ACQUISITION AND COMPETITIVE COST OF ACQUISITION As a consequence of a prudent approach aimed at controlling margins and MARKETING EXPENS
Slide 37: Strong performance: a long-term track record of growth
Strong performance: a long-term track record of growth Growth of both revenues and marginality at the same time 69,5% 64,7% 67,4% 64,2% 66,5% 60,1% 55,4% +122% Revenues vs. 2019 pre-covid +136% Gross Margin vs. 2019 pre-covid +5 pp Share of international sales vs. 2019 pre-covid 29,1% 27,7% 27,9% 26
Slide 38: Strong performance: excellent customer satisfaction and return rate
Strong performance: excellent customer satisfaction and return rate Outperforming all the benchmarks on Trustpilot 5 stars 86% 4 stars 5% 3 stars 1% 2 stars 1% 1 star 7% A <18% return rate due to impeccable customer service that 18% makes our customers satisfied with our service
Slide 39: Strong performance: quick return to profitability
Strong performance: quick return to profitability Affected by the luxury slow-down in 2025 ADJUSTED EBITDA MARGIN The adjusted EBITDA margin showed consistent improvement from 2021 to 2024, with a 2025 affected by the contraction of the demand.
Slide 40: Strong performance: structurally positive financials
Strong performance: structurally positive financials Structurally positive Cash Flow and negative Net Working Capital An asset-light business model with negative Net Working Capital and a cash-generative business model (all numbers in k) 12/31/2025 A low CapEx business model as it does not involve t
Slide 41: Before you leave… Would you like to take a closer look to GIGLIO.COM?
Before you leave… Would you like to take a closer look to GIGLIO.COM? 41
Slide 42: GIGLIO.COM
GIGLIO.COM