Global Fashion Group S.a. · XETR:GFG
Global Fashion — Investor Presentation (August 2026)
55 slides from Global Fashion's investor presentation, August 2026
Slide 1: Fashion & Lifestyle Destination in ANZ, LATAM & SEA
#1 FASHION & LIFESTYLE DESTINATION IN ANZ, LATAM & SEA COMPANY OVERVIEW August 2026
Slide 2: Executive Summary
EXECUTIVE SUMMARY 2 COMPANY OVERVIEW: AUGUST 2026
Slide 3: We are a leading fashion destination with strong customer reputation
WE ARE A LEADING FASHION DESTINATION WITH STRONG CUSTOMER REPUTATION €1bn+ Net Merchandise Value (NMV) 69% App Share of NMV ANZ LATAM SEA €63 Average Order AUSTRALIA, NEW ZEALAND BRAZIL, COLOMBIA INDONESIA, PHILIPPINES, MALAYSIA, Value SINGAPORE, HONG KONG Note: All figures are as of LTM June 2026.
Slide 4: We are targeting a large addressable market of €220bn+
740m TOTAL POPULATION ANZ, LATAM, SEA WE ARE TARGETING A LARGE ADDRESSABLE MARKET OF €220BN+ 165m TARGET POPULATION1 7m GFG ACTIVE CUSTOMERS (1) Based on World Bank income segmentation data. 4 COMPANY OVERVIEW: AUGUST 2026
Slide 5: Significant potential from ecommerce expansion
FASHION & LIFESTYLE ONLINE PENETRATION Weighted to GFG’s 2025 NMV by Country >35% WE HAVE SIGNIFICANT >30% ANZ POTENTIAL FROM ECOMMERCE EXPANSION ~20% 19% SEA >10% LATAM 7% 5% 2019 2021 2023 2025 5 COMPANY OVERVIEW: AUGUST 2026
Slide 6: Multi-brand assortment through three flexible business models
WE OFFER A MULTI-BRAND ASSORTMENT THROUGH THREE FLEXIBLE BUSINESS MODELS TOP 30 BRANDS RETAIL 60% GFG owns stock of NMV Strong margin Healthy stock profile 1.5x higher GP / NMV than Marketplace 14% aged inventory MARKETPLACE 40% Brand retains ownership of stock of NMV Fulfilled By Cross-docking Drop
Slide 7: We reset the business through decisive actions
WE RESET THE BUSINESS THROUGH DECISIVE ACTIONS 2022 2023-2025: RESET Post-COVID Environment Business Model Customer Cost Evolution Flywheel Efficiency Sale of CIS Business 40% of Group NMV ~€80m Adj. EBITDA1 (1) As of LTM June 2022. 7 COMPANY OVERVIEW: AUGUST 2026
Slide 8: On the right trajectory to profitable growth and positive cash flow
WE ARE ON THE RIGHT TRAJECTORY TO PROFITABLE GROWTH AND POSITIVE CASH FLOW NMV GROSS MARGIN ADJ. EBITDA NORMALISED FCF €M % REVENUE €M €M €(168)m +4ppt +€62m +€31m 18 46% 47% 9 45% 1,210 1,100 1,042 1,044 42% (18) (19) (32) (41) (53) (63) 2023 2024 2025 LTM 2023 2024 2025 LTM 2023 2024 2025 LTM 2023
Slide 9: Regions at different stages from reset to profitable growth
REGIONS AT DIFFERENT STAGES FROM RESET TO PROFITABLE GROWTH NMV YOY1 ADJ. EBITDA NFCF LTM Jun-2026 LTM Jun-2026 FY 2025 ANZ +4% €29m Positive, strong 50% of NMV +€32m since 2023 cash conversion LATAM 0% €5m Near breakeven 30% of NMV +€27m since 2023 SEA (12)% €5m Near breakeven 20% of NMV +€6m since
Slide 10: 2026 Results to Date
2026 RESULTS TO DATE AS OF 13 AUGUST 2026 H1 2026 2026 GUIDANCE NMV1 (2)%yoy (4)-0% yoy Implies €1,050-1,090m ADJUSTED €1m €18-25m EBITDA +€9m yoy +€9-16m yoy (1) NMV growth rates are shown on a constant currency basis using 31 December 2025 closing FX rates. Implied NMV values in Euros combine H1 2
Slide 11: Our strategy for profitable growth
OUR STRATEGY FOR PROFITABLE GROWTH RESET Business Model Evolution Customer Flywheel Cost Efficiency • Gross Margin 47%+ • Broadly stable marketing • Operating leverage % of NMV • Marketplace ~45% • Broadly stable capex PROFITABLE of NMV • Order Frequency growth and leases GROWTH • Platform Services
Slide 12: Investment Highlights
INVESTMENT HIGHLIGHTS Leading position in large fashion & lifestyle market with increasing online penetration Tailored customer centric approach addressing local market needs Strong relationships with global and local brands benefitting from our flexible business models Unique operational footprint
Slide 13: Strategy & Operations
STRATEGY & OPERATIONS 13 COMPANY OVERVIEW: AUGUST 2026
Slide 14: Competitive Landscape
MARKET COMPETITIVE LANDSCAPE We are the only local multi-brand platforms of scale FASHION FOCUS Fashion Brands Adidas H&M Nike Levi’s SHEIN (online only) Uniqlo Zara Department Stores David Jones C&A OFFLINE Myer Lojas Renner ONLINE Riachuelo General Merchandisers Amazon Lazada Magalu Mercado Libre
Slide 15: Growth Drivers
MARKET GROWTH DRIVERS INCREASING FASHION & LIFESTYLE ONLINE PENETRATION VARYING DISPOSABLE INCOME LEVELS WEIGHTED TO GFG’S 2025 NMV BY COUNTRY ANNUAL FASHION & LIFESTYLE SPEND PER CAPITA ~40% ~35% ~€1,300 >30% ANZ ~€1,200 ~20% SEA 19% ~€300 >10% LATAM ~€200 7% LATAM SEA ANZ Western Europe 5% 2019 20
Slide 16: Total Addressable Opportunity
MARKET TOTAL ADDRESSABLE OPPORTUNITY ANZ LATAM SEA FASHION & LIFESTYLE MARKET SIZE TOTAL ONLINE ~€40bn ~€10bn ~€80bn ~€10bn ~€100bn ~€15bn TOTAL POPULATION 30m 260m 450m TARGET POPULATION1 ~25m ~50m ~90m (% of total) ~80% ~20% ~20% 2m 3m 2m ACTIVE CUSTOMERS 8% 6% 2% (% of target) (1) Share of popula
Slide 17: Flexible Offerings for Brand Partners
BUSINESS MODEL FLEXIBLE OFFERINGS FOR BRAND PARTNERS 60% NMV 40% NMV MARKETPLACE RETAIL Brand retains ownership of stock GFG owns stock FULFILLED BY CROSS-DOCKING DROP SHIPMENT B B GFG holds & Brand holds stock Brand holds & packs stock & GFG packs packs stock GFG delivers GFG delivers B Brand deliv
Slide 18: Brand Partner Platform Use Case
BUSINESS MODEL BRAND PARTNER PLATFORM USE CASE CASE STUDY ANZ exclusively lists two H&M brands RETAIL MARKETPLACE H&M lists on SEA via Fulfilled by SEA fulfils H&M.com orders across the region PLATFORM with our single stock solution SERVICES ANZ & SEA provide marketing services to promote H&M brands
Slide 19: Financial Profiles
BUSINESS MODEL FINANCIAL PROFILES RETAIL MARKETPLACE PLATFORM SERVICES % commission of Revenue Recognition Product value sold product value sold Service fees Purchase price and inbound Variable fulfilment costs for single COGS shipping costs None stock solution offering Inventory Owner GFG Brand Bra
Slide 20: Gross Margin Impacts
BUSINESS MODEL GROSS MARGIN IMPACTS 2025 GROSS MARGIN 2025 GROSS MARGIN LESS FULFILMENT EXPENSES Retail Marketplace Retail Marketplace % of NMV % of Revenue % of NMV % of Revenue 100% 56% 31% 36% 22% 16% 14% 12% 20 COMPANY OVERVIEW: AUGUST 2026
Slide 21: Fulfilment Infrastructure
OPERATIONS FULFILMENT INFRASTRUCTURE REGION COUNTRY ITEM CAPACITY (M) AUTOMATION 6 ANZ Australia 4.3 Medium local fulfilment centres Brazil 6.4 High LATAM ~€2bn Colombia 1.0 Low NMV capacity of current footprint Indonesia 2.1 Low SEA Malaysia 7.0 Low >30m Philippines 1.2 Low items shipped in 20251 T
Slide 22: Return Rate Comparison
OPERATIONS RETURN RATE COMPARISON 2023 2025 29% 27% 21% 20% 16% 15% 11% 11% +1ppt +2ppt +0ppt (1)ppt GFG ANZ LATAM SEA (1) Return rate is defined as % of NMV before returns and rejections. 22 COMPANY OVERVIEW: AUGUST 2026
Slide 23: Marketing Overview
OPERATIONS MARKETING OVERVIEW TRAFFIC BY MARKETING CHANNEL1 GOT YOU LOOKING MASTERBRAND CAMPAIGN % OF TOTAL SESSIONS IN 2025 ANZ SEA Launched February 2024 Launched February 2026 Search 3rd Party 53% Social Engine Affiliate Paid (SEM) <5% 5%2% Direct 47% 7% CRM Organic Search Engine (SEO) 34% Social
Slide 24: App-First Strategy
TECHNOLOGY APP-FIRST STRATEGY APP SHARE OF NMV 2023 2025 93% 90% 69% 71% 63% 57% 58% 49% GFG ANZ LATAM SEA 24 COMPANY OVERVIEW: AUGUST 2026
Slide 25: AI Transforming Content Production
TECHNOLOGY 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 adjust
Slide 26: AI Expanding Presence Across AI Interfaces
TECHNOLOGY 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
Slide 27: AI Enabling Commercial Transformation
TECHNOLOGY 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 Campa
Slide 28: People & Planet Positive Strategy
SUSTAINABILITY PEOPLE & PLANET POSITIVE STRATEGY SIX KEY PRIORITIES GUIDING OUR STRATEGY AND PROGRESS ANZ B CORP CERTIFIED CLIMATE ACTION Mitigate our climate impacts and adapt to a low carbon economy CIRCULATORY RESPONSIBLE & CONSCIOUS BUSINESS CONSUMPTION Act with intent and Contribute to a circul
Slide 29: Group & Regional Performance
GROUP & REGIONAL PERFORMANCE 29 COMPANY OVERVIEW: AUGUST 2026
Slide 30: Group: Overview & Regional Comparison
GROUP: OVERVIEW & REGIONAL COMPARISON 9 CATEGORY1 LTM JUNE 2026 GROUP ANZ LATAM SEA markets across Apparel NMV (€M) 1,044 526 315 203 3 regions 12% Footwear 29% NMV yoy (ccy) (0.5)% 4.4% 0.0% (11.8)% Sport 20% Revenue (€M) 678 355 190 140 6 9% Accessories Local fulfilment 30% Other Gross Margin 47%
Slide 31: Group: Financial Profile
GROUP: FINANCIAL PROFILE NMV1 yoy growth GROSS MARGIN ADJ. EBITDA €M Adj. EBITDA Margin % 46% 47% (5) (2) (2) (4) (7) (2) 1 3 20% 20% 17% 45% €1bn 18 42% 43% 42% 9 40% 1% 39% 0% (1)% (7)% (15) (18) (13)% (23) (40) (38) (53) 19 20 21 22 23 24 25 LTM 19 20 21 22 23 24 25 LTM 19 20 21 22 23 24 25 LTM J
Slide 32: ANZ: Business Profile
ANZ: BUSINESS PROFILE CUSTOMERS CATEGORY BUSINESS MODEL Apparel 2.0m 14% Footwear Active Customers 13% 35% Sport Marketplace 27% 36% of NMV from 3.0x 26% 13% Accessories Other premium brands Order Frequency €87 Retail Average Order Value BRAND TYPE 64% ~90% 13% Global 44% Female Local of NMV from 50
Slide 33: ANZ: Financial Profile
ANZ: FINANCIAL PROFILE NMV1 yoy growth GROSS MARGIN ADJ. EBITDA €M Adj. EBITDA Margin % 45% 49% 49% 1 5 4 2 (1) 5 7 8 €526m 47% 47% 29 46% 46% 45% 26 43% 16% 16% 16 16 5% 6% 4% 13 11 (3)% (11)% 2 (3) 19 20 21 22 23 24 25 LTM 19 20 21 22 23 24 25 LTM 19 20 21 22 23 24 25 LTM Jun-26 Jun-26 Jun-26 (1)
Slide 34: LATAM: Business Profile
LATAM: BUSINESS PROFILE CUSTOMERS CATEGORY BUSINESS MODEL Apparel 3.3m 13% 21% Footwear Active Customers 9% Sport Marketplace 4% 20% 35% of NMV from 1.9x 37% Accessories Other premium brands Order Frequency €49 Retail Average Order Value BRAND TYPE 65% ~70% 0% Global 57% Female 39% of NMV from Local
Slide 35: LATAM: Financial Profile
LATAM: FINANCIAL PROFILE NMV1 yoy growth GROSS MARGIN ADJ. EBITDA €M Adj. EBITDA Margin % 2 2 (6) (7) (10) (3) 1 3 44% 45% 8 7 21% 43% 43% 5 42% 42% 42% 3 16% 41% €315m 6% (2)% 0% (7) (4)% (10)% (16) (18) (16)% (22) 19 20 21 22 23 24 25 LTM 19 20 21 22 23 24 25 LTM 19 20 21 22 23 24 25 LTM Jun-26 Ju
Slide 36: SEA: Business Profile
SEA: BUSINESS PROFILE CUSTOMERS CATEGORY BUSINESS MODEL Apparel 1.7m 12% 29% Footwear Active Customers 20% Sport 18% Marketplace of NMV from 2.5x 30% 9% Accessories Other 54% premium brands Order Frequency €48 Average Order Value BRAND TYPE Retail 2% 46% ~80% 19% Global 63% Female Local of NMV from
Slide 37: SEA: Financial Profile
SEA: FINANCIAL PROFILE NMV1 YoY growth GROSS MARGIN ADJ. EBITDA €M Adj. EBITDA Margin % 34% 46% 46% 44% (10) (3) 0 1 (1) (2) 2 4 27% 41% 21% 38% 39% 5 2 3 0 32% 31% €203m (1) (3) (5)% (7) (15)% (12)% (17)%(15)% (24) 19 20 21 22 23 24 25 LTM 19 20 21 22 23 24 25 LTM 19 20 21 22 23 24 25 LTM Jun-26 Ju
Slide 38: KPIs & Financials
KPIS & FINANCIALS 38 COMPANY OVERVIEW: AUGUST 2026
Slide 39: Reset Period Value Creation
KPIS RESET PERIOD VALUE CREATION 2022 2023-2025: RESET POST-COVID ENVIRONMENT BUSINESS MODEL EVOLUTION CUSTOMER FLYWHEEL COST EFFICIENCY • Cost of living crisis from inflation and higher interest rate pressure • Online penetration plateau with return to stores inventory Gross Profit cost base 43% re
Slide 40: Customer Metrics
KPIS CUSTOMER METRICS 2023 2024 2025 LTM Jun-26 ACTIVE CUSTOMERS (€M) 8.2 7.6 7.3 7.0 yoy growth (18.3)% (7.8)% (4.0)% (5.5)% AVERAGE ORDER VALUE (€) 61.7 62.7 60.5 62.5 yoy growth (constant currency) +11.8% +4.4% +2.1% +3.4% ORDER FREQUENCY (X) 2.4 2.3 2.4 2.4 yoy growth (5.2)% (3.0)% +2.3% +1.8% N
Slide 41: Business Model Mix Progression
KPIS BUSINESS MODEL MIX PROGRESSION MARKETPLACE 2023 LTM Jun-2026 PLATFORM SERVICES 2023 LTM Jun-2026 SHARE OF NMV SHARE OF REVENUE 54% ~45% GOAL 50% 12% 40% 37% 36% 37% 35% 31% >5% GOAL 7% 4% 3% 2% 1% 1% 2% GFG ANZ LATAM SEA GFG ANZ LATAM SEA 41 COMPANY OVERVIEW: AUGUST 2026
Slide 42: Inventory
FINANCIALS INVENTORY AS OF 30 JUNE 2023 2024 2025 2026 23-26 Inventory, Net of Provisions1 123 101 95 90 (25)%3 (€M) Aged Inventory 26% 20% 15% 14% (12)ppt >180 Days as % of Gross Inventory Inventory Days2 94 100 95 94 (0)% (1) All historical figures exclude Argentina and Chile and therefore differ
Slide 43: Costs
FINANCIALS COSTS COSTS (€M) 2023 2024 2025 LTM JUN-26 23-26 Fulfilment 190 167 146 140 (50) Marketing 82 74 69 70 (13) Tech & Admin1 177 162 142 136 (40) Tech Capex & Cash Leases2 42 42 27 25 (17) Total Cost Base 491 444 385 372 (120) Reduced cost base by Cost Base yoy3 (7.9)% (8.7)% (8.6)% (18.9
Slide 44: Costs
FINANCIALS COSTS COSTS % OF NMV 2023 2024 2025 LTM JUN-26 23-26 Fulfilment 15.7% 15.2% 14.1% 13.5% (2.3)ppt Marketing 6.8% 6.7% 6.7% 6.7% (0.1)ppt Tech & Admin1 14.6% 14.7% 13.6% 13.0% (1.5)ppt Note: All cost lines include D&A. (1) Admin costs exclude share-based payments. (2) Cash leases represent
Slide 45: Normalised Free Cash Flow (NFCF)
FINANCIALS NORMALISED FREE CASH FLOW (“NFCF”) €M 2023 2024 2025 LTM JUN-26 Adj. EBITDA (53) (18) 9 18 Cash Lease Costs (19) (19) (18) (18) Working Capital 47 38 3 6 Capex (28) (29) (13) (12) Other NFCF (9) (14) (13) (13) Normalised Free Cash Flow (63) (41) (32) (19) NFCF yoy +41 +21 +10 +28 Note:
Slide 46: Capital Structure & Liquidity Flexibility
FINANCIALS CAPITAL STRUCTURE & LIQUDITY FLEXIBILITY €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 F
Slide 47: Appendix
APPENDIX 47 COMPANY OVERVIEW: AUGUST 2026
Slide 48: Assortment Mix Comparison
ASSORTMENT MIX COMPARISON GROUP ANZ LATAM SEA Apparel 14% 14% 13% 12% 21% Footwear 29% 35% 9% 13% 13% 45% 20% CATEGORY Sport 20% Accessories 18% 9% 26% 13% 37% Other 10% 30% 7% 13% 0% 2% 19% Global BRAND Local 50% 39% 40% 53% TYPE Own 37% 61% 79% Note: All charts represent FY 2025 NMV mix. 48 COMPAN
Slide 49: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION €M 2023 2024 2025 LTM Jun-26 Adjusted EBITDA (53.0) (17.6) 9.3 17.8 Share-based payment (expenses) / credit (1.6) 0.6 (1.6) (3.6) Impairment of goodwill and other non-financial assets (54.7) (0.8) - 0.2 One-off costs1 (5.5) (0.3) (1.4) (1.8) EBITDA (114.8) (18.1) 6.3 1
Slide 50: 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 51: 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 52: GFG Shares
GFG SHARES AS AT 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 53: 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 54: 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 / ADJUSTED EBITDA (credit), Group recharg
Slide 55: 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
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