Global Fashion Group S.a. · XETR:GFG
Global Fashion — Q4 2025 Earnings Presentation
36 slides from Global Fashion's earnings presentation, Mar 4, 2026
Slide 1: Fashion & Lifestyle Destination in ANZ, LATAM & SEA
#1 FASHION & LIFESTYLE DESTINATION IN ANZ, LATAM & SEA Q4 & FY 2025 RESULTS PRESENTATION 4 March 2026
Slide 2: 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 3: 2023-2025: Reset the Business Through Decisive Actions
2023-2025: RESET 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 P
Slide 4: 2023-2025: Improved Adj. EBITDA by €62M and NFCF by €31M Despite Lower NMV
2023-2025: IMPROVED ADJ. EBITDA BY €62M AND NFCF BY €31M DESPITE LOWER NMV 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 4 Q4 & FY 2025 RESULTS PRESENTATION
Slide 5: Segment Results
SEGMENT RESULTS 5 Q4 & FY 2025 RESULTS PRESENTATION
Slide 6: Our Regions Are at Different Phases on the Journey to Profitable Growth
OUR REGIONS ARE AT DIFFERENT PHASES ON THE JOURNEY TO PROFITABLE GROWTH 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) Consta
Slide 7: All Regions Progressing Our Platform Evolution
ALL REGIONS PROGRESSING OUR PLATFORM EVOLUTION 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 7 Q4 & FY 2025 RESULTS PRESENTATION
Slide 8: ANZ: 2025 Results
ANZ: 2025 RESULTS Brand reset, platform transition and scalable infrastructure drive profitable growth 2025 FY YoY Q4 YoY NMV1 (€M) 509 +6% 163 +6% Revenue1 (€M) 345 +3% 111 +3% Gross Margin 49% +2ppt 49% +0.3ppt Adj. EBITDA Margin 7% +3ppt Active Customers (M) 2.0 +4% (1) Constant currency growth r
Slide 9: ANZ: Growing with a Curated Platform & Delivery Upgrade
ANZ: GROWING WITH A CURATED PLATFORM & DELIVERY UPGRADE Curated & exclusive assortment enabled by platform Fulfilment & delivery upgrade ‒ 50% of deliveries arrived under 48h across ANZ ‒ +10% faster delivery in major cities2 >20% of NMV from own brand and exclusive partnerships ‒ The only fashion p
Slide 10: ANZ: Building on Strong The Iconic Brand with Loyalty Programme
ANZ: BUILDING ON STRONG THE ICONIC BRAND WITH LOYALTY PROGRAMME Two years of GOT YOU LOOKING Launch of FRONT ROW masterbrand campaign Each level unlocks additional benefits: • Birthday and anniversary rewards • Exclusive offers and experiences +70% unprompted awareness 15,000+ ICONS VIP 3 ICONS to $
Slide 11: LATAM: 2025 Results
LATAM: 2025 RESULTS Stronger commercial offering and simplified operating model lay foundation for profitable growth 2025 FY YoY Q4 YoY NMV1 (€M) 311 +6% 102 +1% Revenue1 (€M) 191 +4% 63 (3)% Gross Margin 44% +1ppt 43% +1ppt Adj. EBITDA Margin 1% +5ppt Active Customers (M) 3.4 (2)% (1) Constant curr
Slide 12: LATAM: Evolving the Customer & Partner Proposition
LATAM: EVOLVING THE CUSTOMER & PARTNER PROPOSITION 1 Commercial Innovation 2 Scaling Partner Offering 3 AI Deployment Increasing customer loyalty through our Fulfilled By refreshed cashback programme and Clube Dafiti 60+ 4x brands live more revenue in 20251 AI generated catalogue Marketing Services
Slide 13: SEA: 2025 Results
SEA: 2025 RESULTS Strong cost control, operational discipline and Platform Services growth deliver progress toward sustainably profitable model 2025 FY YoY Q4 YoY NMV1 (€M) 222 (15)% 62 (10)% Revenue1 (€M) 151 (11)% 42 (4)% Gross Margin 46% +2ppt 44% (0.1)ppt Adj. EBITDA Margin 2% +4ppt Active Custo
Slide 14: SEA: Simplifying and Sharpening the Customer Proposition
SEA: SIMPLIFYING AND SHARPENING THE CUSTOMER PROPOSITION FOCUSING ON OUR STRENGTHS LAUNCHED GOT YOU LOOKING DRIVING SIMPLIFICATION >60% & EFFICIENCY FY/25 of NMV from top 30 brands 19% cost base reduction Intake reduced 28% from since 20231 RETAIL 20% fewer brands +20% NMV per brand MARKETPLACE from
Slide 15: Group Results
GROUP RESULTS 15 Q4 & FY 2025 RESULTS PRESENTATION
Slide 16: Customer Engagement Initiatives Drive Order Frequency
CUSTOMER ENGAGEMENT INITATIVES DRIVE ORDER FREQUENCY 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. 16 Q4 & FY 2025 RESULTS PRESENTATION
Slide 17: Increased Order Value Offset Lower Volumes
INCREASED ORDER VALUE OFFSET LOWER VOLUMES NMV1 Retail Marketplace ORDERS AVERAGE ORDER VALUE1 (€M) (M) (€) +0.7% (1.5)% +2.2% 62.2 60.1 344 327 5.5 5.4 37% 39% Q4/24 Q4/25 Q4/24 Q4/25 Q4/24 Q4/25 +0.3% (1.8)% +2.1% 1,100 1,042 17.5 17.2 62.7 60.5 38% 39% FY/24 FY/25 FY/24 FY/25 FY/24 FY/25 (1) Grow
Slide 18: Achieved a €27M Adj. EBITDA Increase Despite Flat Revenue
ACHIEVED A €27M ADJ. EBITDA INCREASE DESPITE FLAT REVENUE REVENUE1 GROSS PROFIT / MARGIN ADJUSTED EBITDA / MARGIN (€M) (€M) (€M) (0.3)% +0.2ppt +3.5ppt 227 214 103 98 16 9 45.6% 45.9% 7.6% 4.1% Q4/24 Q4/25 Q4/24 Q4/25 Q4/24 Q4/25 (0.6)% +1.5ppt +3.8ppt 9 723 680 324 44.6% 316 1.4% (2.4)% 44.9% 46.4%
Slide 19: Expanded Gross Margin Through Healthy Inventory and Marketplace Contribution
EXPANDED GROSS MARGIN THROUGH HEALTHY 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 20
Slide 20: Cost Reductions Outpace NMV Decline by More Than Double
COST REDUCTIONS OUTPACE NMV DECLINE BY MORE THAN DOUBLE 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 (6.6
Slide 21: Continued NFCF Improvement and Strong Net Cash Position
CONTINUED NFCF IMPROVEMENT AND STRONG NET CASH POSITION (€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”)
Slide 22: 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 Maturity Total Facility Available Instrument / Term (€M)1 (€M)1 (€M)1 Australia Revolving Jan-28 17.1 17.1 185 Credit Facility 176 (32) 153 23 Conve
Slide 23: Outlook
OUTLOOK 23 Q4 & FY 2025 RESULTS PRESENTATION
Slide 24: FY 2026 Guidance
FY 2026 GUIDANCE FY2025 FY2026 Guidance1 • NMV range reflects softer current trading and H1 expectations, as well as different H2 0.3% yoy (4)-4% yoy trajectories to account for macroeconomic factors in our nine markets NMV2 €1,042m Implies €990-1,070m • Capex and leases around 2025 levels (€13m cap
Slide 25: Our Strategy for Profitable Growth
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 Fulfilled by
Slide 26: Q&A
Q&A 26 Q4 & FY 2025 RESULTS PRESENTATION
Slide 27: Appendix
APPENDIX 27 Q4 & FY 2025 RESULTS PRESENTATION
Slide 28: Operating Cost Ratios
OPERATING COST RATIOS 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 GROWTH YOY3 (6.6)% +0.3% (6.7)% (1) All costs include D&A. (2) Admin costs exclude share-based payments. (3) Constant curre
Slide 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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, Group ADJUSTED EBITDA recharges and asso
Slide 35: Upcoming Events
UPCOMING EVENTS DATE EVENT LOCATION 30 April 2026 Q1 2026 Results Virtual 11 May 2026 Equity Forum German Spring Conference Frankfurt 20 May 2026 Annual General Meeting 2026 Luxembourg 35 Q4 & FY 2025 RESULTS PRESENTATION
Slide 36: 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