Global Fashion Group S.a. · XETR:GFG
Global Fashion — Q2 2025 Earnings Presentation
32 slides from Global Fashion's earnings presentation, Aug 14, 2025
Slide 1: Q2 2025 Results Presentation
#1 FASHION & LIFESTYLE DESTINATION IN LATAM, SEA & ANZ Q2 2025 RESULTS PRESENTATION 14 August 2025
Slide 2: Significant progress across all our 2025 strategic priorities
SIGNIFICANT PROGRESS ACROSS ALL OUR 2025 STRATEGIC PRIORITIES 1 Our largest markets delivered robust growth 2 Improving customer trends across the Group 3 Gross Margin expansion through improved Retail margins and increased Marketplace participation 4 Reduced cost base supporting positive Q2 Adj. EB
Slide 3: Stabilised topline while achieving significant Adj. EBITDA margin uplift in Q2
STABILISED TOPLINE WHILE ACHIEVING SIGNIFICANT ADJ. EBITDA MARGIN UPLIFT IN Q2 €249m 47.7% 1.8% NMV GROSS PROFIT MARGIN ADJ. EBITDA MARGIN (0.4)% yoy1 +2.9 ppt yoy +3.9ppt yoy 7.4m 4.1m 2.3 ACTIVE CUSTOMERS ORDERS ORDER FREQUENCY (2.5)% yoy (2.1)% yoy (1.4)% yoy (1) Constant currency growth rate. 3
Slide 4: Segment results & business update
SEGMENT RESULTS & BUSINESS UPDATE 4 Q2 2025 RESULTS PRESENTATION
Slide 5: We have the right strategy to win
WE HAVE THE RIGHT STRATEGY TO WIN 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 6: Continued customer base momentum underpinned by disciplined marketing investments
CONTINUED CUSTOMER BASE MOMENTUM UNDERPINNED BY DISCIPLINED MARKETING INVESTMENTS MARKETING SPEND AND CUSTOMER EVOLUTION BY REGION Marketing Cost % 7.8% 7.1% 7.6% 6.8% 6.8% 6.7% 6.9% of NMV1 LATAM Customer SEA In Q2/25, ANZ & LATAM growth ANZ New + outpaced churn Reactivated / Churned Customers Cust
Slide 7: LATAM: topline recovery continues with strong Adj. EBITDA margin improvement
LATAM: TOPLINE RECOVERY CONTINUES WITH STRONG ADJ. EBITDA MARGIN IMPROVEMENT H1/25 KEY METRICS Q2/25 KEY METRICS NMV (€M) +11.9%1 139 Q2/24 Q2/25 △24-25 141 NMV1 (€M) 78.8 76.1 +10.2% ADJ. EBITDA MARGIN (%) Revenue1 (€M) 49.3 46.4 +7.6% +5.3ppt Gross Margin 45.5% 46.7% +1.2ppt (1.9)% (7.2)% Active C
Slide 8: LATAM: Key highlights
LATAM: KEY HIGHLIGHTS Customer Momentum Returned Joint Business Plans Adding Value AI Driving Marketing Efficiency Positive replacement rate is a leading JBPs with our top 10 brands align goals 100% AI produced marketing campaign, indicator to NMV growth and support to deliver NMV growth reducing pr
Slide 9: SEA: recovery programme continues, gross margin growth and cost control
SEA: RECOVERY PROGRAMME CONTINUES, GROSS MARGIN GROWTH AND COST CONTROL ENSURES ADJ. EBITDA BREAKEVEN H1/25 KEY METRICS Q2/25 KEY METRICS NMV (€M) (18.3)%1 137 Q2/24 Q2/25 △24-25 112 NMV1 (€M) 65.1 49.3 (22.5)% ADJ. EBITDA MARGIN (%) Revenue1 (€M) 41.4 33.5 (18.3)% +2.1ppt 0.1% Gross Margin 46.3% 50
Slide 10: SEA: Key highlights
SEA: KEY HIGHLIGHTS Resetting Total Costs Improved Curation and Focus New Zalora CEO Disciplined approach reduced Total Cost Curating a more focused Fashion & Felipe Garcia Alverez joins 1 September Base by 13% YoY largely driven by Lifestyle offer has increased the share to lead team from Kuala Lum
Slide 11: ANZ: strong topline, customer and Adj. EBITDA momentum
ANZ: STRONG TOPLINE, CUSTOMER AND ADJ. EBITDA MOMENTUM IN OUR LARGEST MARKET H1/25 KEY METRICS Q2/25 KEY METRICS NMV (€M) +6.2%1 Q2/24 Q2/25 △24-25 223 225 NMV1 (€M) 126.6 123.9 +5.8% ADJ. EBITDA MARGIN (%) Revenue1 (€M) 88.8 85.1 +3.7% +3.7ppt 3.2% Gross Margin 44.5% 48.0% +3.5ppt (0.5)% Active Cus
Slide 12: ANZ: Key highlights
ANZ: KEY HIGHLIGHTS Improved Customer Offering Innovative Brand Partnerships Progressing Platform Offer Expanded delivery capabilities Nike ‘Outrun Your Delivery’ and Speedo Consistent step-up in Marketplace share supporting improved offering in key ‘Run and Plunge’ campaigns in H1 of NMV YoY driven
Slide 13: Progressing as a platform business
PROGRESSING AS A PLATFORM BUSINESS MARKETPLACE FULFILLED BY GFG & CROSS-DOCKING PLATFORM SERVICES SHARE OF NMV SHARE OF MARKETPLACE SHIPPED ITEMS SHARE OF REVENUE ~50% +1.1ppt ~45% +2.2ppt +0.4ppt >5% 39% 40% 38% 35% 3% 3% H1/24 H1/25 Goal H1/24 H1/25 Goal H1/24 H1/25 Goal (1) Platform Services defi
Slide 14: Group results
GROUP RESULTS 14 Q2 2025 RESULTS PRESENTATION
Slide 15: Rate of customer decline slows driven by lower churn
RATE OF CUSTOMER DECLINE SLOWS DRIVEN BY LOWER CHURN AND NEW & REACTIVATED CUSTOMER GROWTH IN ANZ ACTIVE CUSTOMERS ORDER FREQUENCY (M) (X) (2.5)% (1.4)% 7.6 7.4 2.4 2.3 H1/24 H1/25 H1/24 H1/25 Note: Active Customers and Order Frequency are rolling 12-month KPIs. 15 Q2 2025 RESULTS PRESENTATION
Slide 16: Ongoing topline recovery in LATAM and ANZ offsetting SEA weakness
ONGOING TOPLINE RECOVERY IN LATAM AND ANZ OFFSETTING SEA WEAKNESS NMV1 Retail Marketplace ORDERS AVERAGE ORDER VALUE1 (€M) (M) (€) (0.4)% (2.1)% +1.8% 271 249 65.2 61.4 4.1 4.1 37% 39% Q2/24 Q2/25 Q2/24 Q2/25 Q2/24 Q2/25 +0.4% (2.1)% +2.6% 500 476 8.0 7.9 62.2 60.4 39% 40% H1/24 H1/25 H1/24 H1/25 H1
Slide 17: Gross margin growth and cost focus driving continued Adj. EBITDA margin improvement
GROSS MARGIN GROWTH AND COST FOCUS DRIVING CONTINUED ADJ. EBITDA MARGIN IMPROVEMENT REVENUE1 GROSS PROFIT / MARGIN ADJUSTED EBITDA / MARGIN (€M) (€M) (€M) (1.2)% +2.9ppt +3.9ppt 3 178 163 80 78 (4) 1.8% 44.9% 47.7% (2.1)% Q2/24 Q2/25 Q2/24 Q2/25 Q2/24 Q2/25 (0.3)% +2.5ppt +3.7ppt 326 309 145 145 44.
Slide 18: Ongoing commitment to efficiency delivers further savings across the cost base
ONGOING COMMITMENT TO EFFICIENCY DELIVERS FURTHER SAVINGS ACROSS THE COST BASE COSTS (€M) H1/24 H1/25 24-25 FULFILMENT 79 72 (7) MARKETING 35 33 (2) TECH & ADMIN1 82 74 (8) TECH CAPEX & CASH LEASES2 22 13 (9) TOTAL COST BASE 218 192 (26) COST BASE YOY3 (10.6)% (7.8)% NMV YOY3 (13.4)% 0.4% (1) A
Slide 19: Healthy inventory position with continued focus on aged stock
HEALTHY INVENTORY POSITION WITH CONTINUED FOCUS ON AGED STOCK INVENTORY, NET OF PROVISIONS (€M) Aged Inventory1 / LTM Inventory Days2 22% 119 26% 107 20% 100 15% 95 195 123 101 95 H1/22 H1/23 H1/24 H1/25 Note: All historical figures exclude CIS and Argentina and therefore differ from the net invento
Slide 20: Q2 breakeven NFCF & strong cash balance maintained
Q2 BREAKEVEN NFCF & STRONG CASH BALANCE MAINTAINED (€M) Q2/24 Q2/25 PRO-FORMA CASH BALANCE Pro-Forma Cash Adj. EBITDA (4) 3 (€M) Pro-Forma Net Cash FUNDING Cash Lease Costs (5) (4) OPERATIONS €7m repurchased at 96% Working Capital 19 6 158 (1) (7) 1 151 Intangible Capex (9) (3) 59 53 CAPEX PP&E Cape
Slide 21: Outlook
OUTLOOK 21 Q2 2025 RESULTS PRESENTATION
Slide 22: FY 2025 guidance confirmed
FY 2025 GUIDANCE CONFIRMED FINANCIAL PRIORITIES • NMV1 Primary objective is to become Adj. EBITDA breakeven ADJ. EBITDA despite challenges in predicting topline (5) to 5% yoy Breakeven • Leases around 2024 levels (€19m in 2024) Implies €1.0-1.1bn • Working capital inflow reduced and closer to neutra
Slide 23: Q&A
Q&A 23 Q2 2025 RESULTS PRESENTATION
Slide 24: Appendix
APPENDIX 24 Q2 2025 RESULTS PRESENTATION
Slide 25: Operating cost ratios
OPERATING COST RATIOS COSTS % OF NMV1 H1/21 H1/22 H1/23 H1/24 H1/25 21-25 FULFILMENT 16.1% 16.1% 16.1% 15.8% 15.1% (1.0)ppt MARKETING 8.4% 7.0% 6.6% 7.0% 6.9% (1.5)ppt TECH & ADMIN2 12.0% 13.2% 15.8% 16.3% 15.6% +3.6ppt NMV GROWTH YOY3 +30.9% +5.3% (10.8)% (13.4)% +0.4% (1) All costs include D&A. (
Slide 26: FX sensitivity
FX SENSITIVITY €M Q2/25 IMPACT AT Q2/24 FX RATES NMV REVENUE ADJ. EBITDA YOY % CHANGE AUSTRALIA (AUD) (10.2) (7.0) (0.6) (7.6)% BRAZIL (BRL) (9.1) (5.6) (0.2) (12.7)% OTHER (2.9) (1.2) (0.0) (1.1)% TOTAL (22.2) (13.8) (0.8) (8.0)% H1/25 IMPACT AT H1/24 FX RATES NMV REVENUE ADJ. EBITDA YOY % CHANGE A
Slide 27: GFG shares as of 30 June 2025
GFG SHARES AS OF 30 JUNE 2025 SHARE INFORMATION 2018 EMPLOYEE SHARE OPTION PLAN LONG-TERM INCENTIVE PLAN2, 3 Common shares in Expiry Year Vested & Unexercised Options Vesting Year # Options, RSU or PSUs Type of Share dematerialised form with a nominal value of €0.01 2025 75,246 2025 450,000 2026 1,1
Slide 28: Convertible bonds due 2028
CONVERTIBLE BONDS DUE 2028 GFG CONVERTIBLE BONDS ISSUED MARCH 2021 REPURCHASES Issue Size €375.0m Status Senior Unsecured (€M) Q2 2022 Q3 2023 Q2 2024 Q3 2024 Q2 2025 Maturity 7 Years Total Bondholder Put 15 March 2026 95.1 101.6 12.6 111.0 7.1 Repurchased Issuer Call After Year 4 at 130% Trigger Re
Slide 29: Group tax loss carry forwards as at FY 2024
GROUP TAX LOSS CARRY FORWARDS AS AT FY 2024 €M DEC-24 TIME LIMIT TO CARRY FORWARD • Can be carried forward and offset against future taxable income subject to local tax rules and LATAM 355 Predominantly Brazil (indefinitely) limitations • Brazil is the only country with a specific restriction – OPER
Slide 30: 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 expenses, impairment of goodwill and other non-financial assets, ADJUSTED EBITDA Group recharges and asso
Slide 31: Upcoming events
UPCOMING EVENTS DATE EVENT LOCATION 1 September 2025 Equity Forum German Fall Conference Frankfurt 22 September 2025 Berenberg & Goldman Sachs German Corporate Conference Munich 30 September 2025 NuWays European Small & Mid-Cap Conference Paris 5 November 2025 Q3 2025 Results Virtual 24 November 202
Slide 32: 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