Global Fashion Group S.a. · XETR:GFG
Global Fashion — Investor Presentation (March 2026)
55 slides from Global Fashion's investor presentation, March 2026
Slide 1: Fashion & Lifestyle Destination in ANZ, LATAM & SEA
#1 FASHION & LIFESTYLE DESTINATION IN ANZ, LATAM & SEA COMPANY OVERVIEW March 2026
Slide 2: GFG At-a-Glance
GFG AT-A-GLANCE 2025 KEY STATISTICS CATEGORY MIX1 GROUP ANZ LATAM SEA Other 9 13% Markets across 3 Regions Accessories Accessories Apparel 2025 13% 35% 6 Local Fulfilment Centres NMV 1,042 509 311 222 26% (€M) 3 Sport 13% Footwear Business Models 2.4x ADJ. EBITDA 1.4% 7.4% 1.5% 2.0% Average Order Fr
Slide 3: 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 4: Table of Contents
TABLE OF CONTENTS THE OPPORTUNITY 5 HOW WE WIN 10 2025 RESULTS 23 APPENDIX 37 4 COMPANY OVERVIEW: MARCH 2026
Slide 5: The Opportunity
THE OPPORTUNITY 5 COMPANY OVERVIEW: MARCH 2026
Slide 6: Operating Three Fashion & Lifestyle Ecommerce Platforms Across Nine Countries
OPERATING THREE FASHION & LIFESTYLE ECOMMERCE PLATFORMS ACROSS NINE COUNTRIES AUSTRALIA NEW ZEALAND LATIN AMERICA SOUTHEAST ASIA AUSTRALIA BRAZIL INDONESIA NEW ZEALAND COLOMBIA PHILIPPINES SINGAPORE MALAYSIA HONG KONG 6 COMPANY OVERVIEW: MARCH 2026
Slide 7: Targeting 165M People in a Growing €220BN+ Market
TARGETING 165M PEOPLE IN A GROWING €220BN+ MARKET 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) Sh
Slide 8: Driving Long-Term Growth Along With Rising Online Penetration
DRIVING LONG-TERM GROWTH ALONG WITH RISING ONLINE PENETRATION FASHION & LIFESTYLE ONLINE PENETRATION VARYING DISPOSABLE INCOME LEVELS WEIGHTED TO GFG’S 2025 NMV BY COUNTRY ~40% ANNUAL FASHION & LIFESTYLE SPEND PER CAPITA ~35% ~€1,300 >30% ANZ ~€1,200 19% ~20% SEA ~€300 >10% LATAM ~€200 7% LATAM SEA
Slide 9: Leading as the Only Local Multi-Brand Platform of Scale
LEADING AS THE ONLY LOCAL MULTI-BRAND PLATFORM 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 Shopee Temu TikTok Shop GE
Slide 10: How We Win
HOW WE WIN 10 COMPANY OVERVIEW: MARCH 2026
Slide 11: Winning Through Our Core Strategy
WINNING THROUGH OUR CORE STRATEGY BEST-IN-CLASS PARTNER OF CHOICE FOR BRANDS PEOPLE & PLANET POSITIVE CUSTOMER EXPERIENCE • Broad and relevant assortment • Unlocking complex markets • Climate action • Inspiring and seamless digital experience • Offering flexible business models • Circularity and con
Slide 12: Offering a Broad & Relevant Assortment
OFFERING A BROAD & RELEVANT ASSORTMENT APPAREL FOOTWEAR SPORT ACCESSORIES OTHER 35% 13% 26% 13% 13% 5,000+ FASHION & LIFESTYLE OWN BRANDS EXCLUSIVE BROAD SEGMENTS global and local brands categories enrich the assortment offerings mainstream to premium Note: Category mix represents % of FY2025 NMV ex
Slide 13: Partnering With the Top Global and Local Brands
PARTNERING WITH THE TOP GLOBAL AND LOCAL BRANDS TOP 30 BRANDS / BRAND GROUPS BY NMV 20251 EXCLUSIVE ASSORTMENT 7% own brand share of NMV + Exclusive brand partnerships and collaborations (1) Excludes own brands. 13 COMPANY OVERVIEW: MARCH 2026
Slide 14: Driving Engagement With an App-First Strategy
DRIVING ENGAGEMENT WITH AN APP-FIRST STRATEGY APP SHARE OF NMV 2023 2025 93% 90% 69% 71% 63% 57% 58% 49% GFG ANZ LATAM SEA 14 COMPANY OVERVIEW: MARCH 2026
Slide 15: Using AI to Improve Speed, Relevance and Efficiency
USING AI TO IMPROVE SPEED, RELEVANCE AND EFFICIENCY 100% AI-GENERATED CATALOGUE IN LATAM SEARCH FUNCTIONS PERSONALISATION • Image attributes and metadata extraction • Predict trends leveraging sales history • Multi-modal search Occasion Neckline Targeted promotions ~30% ~65% and offers faster workfl
Slide 16: Improving Marketing Efficiency Through Paid Discipline and CRM
IMPROVING MARKETING EFFICIENCY THROUGH PAID DISCIPLINE AND CRM TRAFFIC BY MARKETING CHANNEL1 CUSTOMER BEHAVIOUR TOTAL SESSIONS (%) NMV BY COHORT (% SHARE OF TOTAL) 2025: 14% 53% 2024 2023 • 2019 and earlier cohorts continue to Paid spend similar NMV 2020-2022 levels Organic: 7% 86% • Customer lifeti
Slide 17: Building Brand Momentum With 'Got You Looking' Masterbrand
BUILDING BRAND MOMENTUM WITH ‘GOT YOU LOOKING’ MASTERBRAND TWO YEARS OF ‘GOT YOU LOOKING’ IN ANZ SEA LAUNCHED IN FEBRUARY 2026 +70% unprompted awareness +62% customer trust 57% of viewers took action from ad Feb 2023 to Sep 2025 17 COMPANY OVERVIEW: MARCH 2026
Slide 18: Applying Well-Invested Infrastructure for Fast Delivery and Easy Returns
APPLYING WELL-INVESTED INFRASTRUCTURE FOR FAST DELIVERY AND EASY RETURNS EXISTING INFRASTRUCTURE PRIMED EXPANDED DELIVERY OPTIONS FOR PROMOTING RESPONSIBLE CUSTOMER FOR FUTURE GROWTH FAST SERVICE AT LARGE SCALE RETURNS BEHAVIOUR RETURN RATES3 6 Logistics designed for fashion 2023 2025 local fulfilme
Slide 19: Enabling Brand Growth With Flexible Business Models
ENABLING BRAND GROWTH WITH FLEXIBLE BUSINESS MODELS 61% NMV 39% 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 delive
Slide 20: Progressing Our Platform Evolution Across All Regions
PROGRESSING OUR PLATFORM EVOLUTION ACROSS ALL REGIONS MARKETPLACE 2023 2025 PLATFORM SERVICES 2023 2025 SHARE OF NMV SHARE OF REVENUE 53% ~45% GOAL 39% 10% 36% 35% >5% GOAL 4% 2% 2% GFG ANZ LATAM SEA GFG ANZ LATAM SEA 20 COMPANY OVERVIEW: MARCH 2026
Slide 21: Embedding Our People & Planet Positive Strategy Into the Business
EMBEDDING OUR PEOPLE & PLANET POSITIVE STRATEGY INTO THE BUSINESS 2025 PEOPLE & PLANET POSITIVE REPORT CLIMATE ACTION Mitigate our climate impacts and adapt to a low carbon economy CIRCULATORY & • 2025 report available online CONSCIOUS RESPONSIBLE CONSUMPTION • Six key priorities guiding BUSINESS Co
Slide 22: Creating a More Sustainable Approach to Fashion in Our Markets
CREATING A MORE SUSTAINABLE APPROACH TO FASHION IN OUR MARKETS 2025 ACHIEVEMENTS 32% 13% of brands meeting GFG’s human rights of sold units fulfil one or more standards Sustainable Product criteria 86% 100% of operation waste diverted from of our facilities in ANZ and Brazil are disposal by reuse or
Slide 23: 2025 Results
2025 RESULTS 23 COMPANY OVERVIEW: MARCH 2026
Slide 24: Resetting the Business Through Decisive Actions
RESETTING THE BUSINESS THROUGH DECISIVE ACTIONS 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 c
Slide 25: Improving Adj. EBITDA by €62M and NFCF by €31M
IMPROVING ADJ. EBITDA BY €62M AND NFCF BY €31M DESPITE LOWER NMV OVER THE PAST THREE YEARS NET MERCHANDISE VALUE ADJUSTED EBITDA NORMALISED FREE CASH FLOW €M €M €M €(168)m +€62m +€31m 9 1,210 1,100 1,042 (18) (32) (42) (53) (63) 2023 2024 2025 2023 2024 2025 2023 2024 2025 25 COMPANY OVERVIEW: MARCH
Slide 26: Progressing Toward Profitable Growth Across Regions
PROGRESSING TOWARD PROFITABLE GROWTH ACROSS REGIONS 2025 NMV YOY1 ADJ. EBITDA NFCF ANZ +6% €26m Positive, strong 49% of NMV +€28m since 2023 cash conversion LATAM +6% €3m Near breakeven 30% of NMV +€25m since 2023 SEA (15)% €3m Near breakeven 21% of NMV +€4m since 2023 (1) Constant currency growth r
Slide 27: Increasing Order Frequency Through Customer Engagement Initiatives
INCREASING ORDER FREQUENCY THROUGH CUSTOMER ENGAGEMENT INITATIVES ACTIVE CUSTOMERS ORDER FREQUENCY (M) (X) (4.0)% +2.3% 7.6 7.3 2.3 2.4 2024 2025 2024 2025 Note: Active Customers and Order Frequency are rolling 12-month KPIs. 27 COMPANY OVERVIEW: MARCH 2026
Slide 28: Growing Order Value and Offsetting Lower Volumes
GROWING ORDER VALUE AND OFFSETTING LOWER VOLUMES NMV1 ORDERS AVERAGE ORDER VALUE1 (€M) (M) (€) +0.3% (1.8)% +2.1% 1,100 1,042 62.7 60.5 17.5 17.2 38% 39% 2024 2025 2024 2025 2024 2025 (1) Growth rate is in constant currency. Bars are a graphical representation of values on a constant currency basis.
Slide 29: Increasing Adj. EBITDA by €27M Despite Flat Revenue
INCREASING ADJ. EBITDA BY €27M DESPITE FLAT REVENUE REVENUE1 GROSS PROFIT / MARGIN ADJUSTED EBITDA / MARGIN (€M) (€M) (€M) (0.6)% +1.5ppt +3.8ppt (2.8)% 723 680 9 324 316 1.4% (2.4)% 44.9% 46.4% (18) 2024 2025 2024 2025 2024 2025 (1) Growth rate is in constant currency. Bars are a graphical represen
Slide 30: Expanding Gross Margin Through Healthier Inventory and Marketplace Contribution
EXPANDING GROSS MARGIN THROUGH HEALTHIER INVENTORY AND MARKETPLACE CONTRIBUTION INVENTORY1 MARKETPLACE SHARE GROSS MARGIN (€M), AS OF 31 DECEMBER % OF NMV +2ppt (43)%2 37% 39% +4ppt 46% 158 2023 2025 42% 82 PLATFORM SERVICES SHARE % OF REVENUE 2022 2025 +1ppt 3% 4% Aged Inventory Share3 24% 14% 2023
Slide 31: Improving Retail Margin and Scaling Platform Business
IMPROVING RETAIL MARGIN AND SCALING PLATFORM BUSINESS 0.7% 0.1% 46% 42% 2.6% 0.6% 2023 Gross Margin Retail Margin Marketplace Platform Services Other 1 2025 Gross Margin (1) Other related business activities. 31 Q4 & FY 2025 RESULTS PRESENTATION
Slide 32: Reducing the Cost Base by More Than Double the NMV Decline
REDUCING THE COST BASE BY MORE THAN DOUBLE THE NMV DECLINE COSTS (€M) 2023 2024 2025 23-25 FULFILMENT 190 167 146 (44) MARKETING 82 74 69 (13) TECH & ADMIN1 177 162 142 (35) TECH CAPEX & CASH LEASES2 42 42 27 (15) TOTAL COST BASE 491 444 385 (106) COST BASE YOY3 (7.9)% (8.7)% (15.7)% NMV YOY3 (
Slide 33: Sustaining Cost Efficiency Across All Areas
SUSTAINING COST EFFICIENCY ACROSS ALL AREAS COSTS % OF NMV1 2023 2024 2025 23-25 FULFILMENT 15.7% 15.2% 14.1% (1.6)ppt MARKETING 6.8% 6.7% 6.7% (0.1)ppt TECH & ADMIN2 14.6% 14.7% 13.6% (1.0)ppt NMV YOY3 (6.6)% +0.3% (6.7)% (1) All costs include D&A. (2) Admin costs exclude share-based payments. (
Slide 34: Improving NFCF and Maintaining Strong Net Cash
IMPROVING NFCF AND MAINTAINING STRONG NET CASH (€M) 2024 2025 PRO-FORMA CASH BALANCE Pro-Forma Cash (€M) Pro-Forma Net Cash Adj. EBITDA (18) 9 Cash Lease Costs (19) (18) 222 (32) (13) 185 Working Capital 38 3 8 Capex (29) (13) Other NFCF (14) (13) 164 143 NORMALISED FREE CASH FLOW1 (“NFCF”) (42) (32
Slide 35: Maintaining Strong Liquidity to Support Our Next Phase
MAINTAINING STRONG LIQUIDITY TO SUPPORT OUR NEXT PHASE 31 December 2025 figures adjusted for convertible bond put and Australia RCF AVAILABLE LIQUIDITY Total Facility Available Instrument Maturity / Term (€M)1 (€M)1 (€M)1 Australia Revolving Jan-28 17.1 17.1 185 Credit Facility 176 (32) 153 23 Conve
Slide 36: Executing Our Strategy for Profitable Growth
EXECUTING OUR STRATEGY FOR PROFITABLE GROWTH BUSINESS MODEL EVOLUTION CUSTOMER FLYWHEEL COST EFFICIENCY • Curate assortment across Retail & • Disciplined acquisition, engagement • Continuous cost programmes Marketplace and reactivation • Leverage existing physical and • Scaling Operations by and Ful
Slide 37: Appendix
APPENDIX 37 COMPANY OVERVIEW: MARCH 2026
Slide 38: Group: Improving the Margin Profile in a Challenging Demand Environment
GROUP: IMPROVING THE MARGIN PROFILE IN A CHALLENGING DEMAND ENVIRONMENT NET MERCHANDISE VALUE1 GROSS MARGIN ADJUSTED EBITDA €M NMV growth ccy €M Adj. EBITDA Margin % (5) (2) (2) (4) (7) (2) 1 20% 20% 46% 17% 45% 9 42% 42% 42% 40% 1% 39% 0% (7)% (15) (18) (13)% (23) (40) (38) (53) 19 20 21 22 23 24 2
Slide 39: ANZ: Delivering Growth Momentum and Healthy Margins
ANZ: DELIVERING GROWTH MOMENTUM AND HEALTHY MARGINS NET MERCHANDISE VALUE1 GROSS MARGIN ADJUSTED EBITDA €M NMV growth ccy €M Adj. EBITDA Margin % 45% 1 5 4 2 (1) 5 7 49% 26 47% 47% 46% 46% 45% 16% 16% 43% 16 16 13 5% 6% 11 (3)% (11)% 2 (3) 19 20 21 22 23 24 25 19 20 21 22 23 24 25 19 20 21 22 23 24
Slide 40: LATAM: Delivering a Topline and Margin Turnaround
LATAM: DELIVERING A TOPLINE AND MARGIN TURNAROUND NET MERCHANDISE VALUE1 GROSS MARGIN ADJUSTED EBITDA €M NMV growth ccy €M Adj. EBITDA Margin % 2 2 (6) (7) (10) (3) 1 21% 16% 44% 8 7 43% 43% 42% 42% 42% 3 6% 41% (2)% (4)% (10)% (7) (16)% (16) (18) (22) 19 20 21 22 23 24 25 19 20 21 22 23 24 25 19 20
Slide 41: SEA: Improving Profitability Despite Topline Declines
SEA: IMPROVING PROFITABILITY DESPITE TOPLINE DECLINES NET MERCHANDISE VALUE1 GROSS MARGIN ADJUSTED EBITDA €M NMV growth ccy €M Adj. EBITDA Margin % 34% 46% (10) (3) 0 1 (1) (2) 2 44% 27% 41% 21% 38% 39% 3 2 0 31% 32% (1) (3) (5)% (7) (15)%(17)% (15)% (24) 19 20 21 22 23 24 25 19 20 21 22 23 24 25 19
Slide 42: Tailoring Assortment Mixes to Diverse Regional Customer Preferences
TAILORING ASSORTMENT MIXES TO DIVERSE REGIONAL CUSTOMER PREFERENCES ANZ LATAM SEA Other Other Other 14% 13% Apparel 12% Accessories 21% Apparel Accessories 29% PRODUCT 13% 45% Apparel 9% Accessories 20% OFFERING1 20% Footwear 9% Sport 18% 37% Footwear 10% Sport 30% Sport Footwear Own Own Own 13% 0%
Slide 43: Overview of GFG's Business Models
OVERVIEW OF GFG’S BUSINESS MODELS 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 44: Inventory Position
INVENTORY POSITION AS OF 31 DECEMBER 2023 2024 2025 23-25 INVENTORY, NET OF PROVISIONS1 106 94 82 (16)%3 (€M) AGED INVENTORY 19% 14% 14% (6)ppt >180 DAYS AS % OF GROSS INVENTORY INVENTORY DAYS2 105 92 89 (15)% (1) All historical figures exclude Argentina and Chile and therefore differ from the net
Slide 45: Retail & Marketplace Have Similar Underlying Margins
RETAIL & MARKETPLACE HAVE SIMILAR UNDERLYING MARGINS BUT VERY DIFFERENT ACCOUNTING PRESENTATIONS 2025 GROSS MARGIN 2025 GROSS MARGIN AFTER FULFILMENT Retail Marketplace Retail Marketplace % of NMV % of Revenue % of NMV % of Revenue 100% 56% 31% 36% 22% 16% 14% 12% 45 COMPANY OVERVIEW: MARCH 2026
Slide 46: Fulfilment Centre Capacity
FULFILMENT CENTRE CAPACITY REGION COUNTRY STORAGE UNIT CAPACITY (K) AUTOMATION OPENED / LAST EXPANDED ANZ Australia 4,300 Medium Dec-22 Brazil 6,400 High Sep-21 LATAM Colombia 1,000 Low Jul-20 Indonesia 2,100 Low Jul-20 SEA Malaysia 7,000 Low Dec-22 Philippines 1,200 Low Sep-20 TOTAL 22,000 46 COMPA
Slide 47: Group Key Figures
GROUP KEY FIGURES Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 H1/24 H1/25 H2/24 H2/25 FY/24 FY/25 Key Financial Metrics (€m) NMV 229.8 270.6 255.6 343.5 226.3 249.2 238.7 327.4 500.4 475.5 599.2 566.1 1,099.6 1,041.6 % Constant Currency Growth yoy (15.9)% (11.2)% (2.6)% 1.4% 1.3% (0.4)% (0.4)% 0
Slide 48: Segment Key Figures
SEGMENT KEY FIGURES Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 H1/24 H1/25 H2/24 H2/25 FY/24 FY/25 NMV (€m) ANZ 96.3 126.6 124.7 167.5 101.0 123.9 120.3 163.5 223.0 224.9 292.3 283.8 515.2 508.7 % Constant Currency Growth yoy (16.4)% (8.4)% (0.9)% 9.4% 6.6% 5.8% 4.9% 5.6% (12.1)% 6.2% 4.7% 5.3%
Slide 49: FX Sensitivity
FX SENSITIVITY €M Q4/25 IMPACT AT Q4/24 FX RATES NMV REVENUE ADJ. EBITDA YOY % CHANGE AUSTRALIA (AUD) (13.4) (9.1) (1.3) (7.6)% BRAZIL (BRL) (0.6) (0.4) (0.0) (0.7)% OTHER (4.9) (2.7) (0.0) (5.6)% TOTAL (19.0) (12.2) (1.3) (5.5)% FY/25 IMPACT AT FY/24 FX RATES NMV REVENUE ADJ. EBITDA YOY % CHANGE AU
Slide 50: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION €M 2023 2024 2025 Adjusted EBITDA (53.0) (17.6) 9.3 Share-based payment expenses (1.6) 0.6 (1.6) Impairment of goodwill and other non-financial assets (54.7) (0.8) - One-off costs1 (5.5) (0.3) (1.4) EBITDA (114.8) (18.1) 6.3 Depreciation and amortisation (56.0) (56.8)
Slide 51: GFG Shares as of 31 December 2025
GFG SHARES AS OF 31 DECEMBER 2025 SHARE INFORMATION 2018 EMPLOYEE SHARE OPTION PLAN LONG-TERM INCENTIVE PLAN2 Expiry Year Vested & Unexercised Options Vesting Year # Options, RSU or PSUs Common shares in Type of Share dematerialised form with 2026 3,806,276 a nominal value of €0.01 2025 0 2027 2,796
Slide 52: GFG Convertible Bonds Due 2028
GFG CONVERTIBLE BONDS DUE 2028 GFG CONVERTIBLE BONDS TERMS REPURCHASES BONDHOLDER PUT RIGHT 2022-2025 15 March 2026 Issue Size €375.0m Status Senior Unsecured Amount (€m) 334.1 31.8 Issue Date 15 March 2021 Outstanding 40.9 9.1 Bondholder Put Right 15 March 2026 Issue Size (€m)1 Maturity 15 March 20
Slide 53: Group Tax Loss Carry Forwards as at FY 2025
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 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 share-based payment (income)/expenses, impairment of goodwill and other non-financial ADJUSTED EBITDA assets, Group recharges
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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