Giglio.com Spa · MIL:GCOM
Giglio.com Spa — H1 2026 Earnings Presentation
37 slides from Giglio.com Spa's earnings presentation, Sep 24, 2026
Slide 1: H1 2026 Financial Results
H1 2026 FINANCIAL RESULTS 24-09-2026
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 almost 200 Long-term track record of revenue growth confirmed connected boutiques and brands. Unlike other during and after th
Slide 3: H1 2026's key financials
H1 2026’s key financials Path to profitability temporarily diverted due to the luxury slow down but H2 showing rooms for profitability vs. LY H1 2025 on total revenue H1 2026 on total revenue (all numbers in k) on total revenue Revenue € 17,497 € 17,262 Gross Profit € 4,923 28.1% € 4,301 24.9% -3.2
Slide 4: Introduction of the AI across the organization
Introduction of the AI across the organization Boosting revenues and cost savings in H2 thanks to a wide introduction of AI solutions CATALOG PRODUCTION PRODUCT DESCRIPTION CUSTOMER CARE CHATBOT AI-ASSISTED DEVELOPMENT Starting from July 2026, the Starting from May 2026, the Starting from July 2026,
Slide 5: H1 2026 in numbers
➢ In H1 2026 revenues flat (-1%) vs. LY as a result of a GMV strong growth in Europe (+15%), counterbalanced by a difficult international outlook affective non-EU markets (-33%). External factors impacting the non-EU area were: REVENUES - The tariffs and political uncertainty in the US - The strong
Slide 6: Deep dive: economic and financial KPIs
Deep dive: economic and financial KPIs + Gross Merchandising Value page 7-8 ➢ Revenues and gross profit page 9 - Fixed and variable expenses page 10 - Variable expenses page 11-12 ➢ ADJ EBITDA and Net Results page 13-14 ➢ P&L page 15 ➢ Balance sheet page 16
Slide 7: Gross Merchandising Value (GMV) | Top line erosion halted
Gross Merchandising Value (GMV) | Top line erosion halted After two consecutive years of GMV erosion, H1 2026 shows a flat growth vs. 2025 GMV YOY TREND SHARE OF H1 2026’S GMV BY REGION all figures in mln -17% -35% A renewed focus on the European markets (GMV +15% vs. LY) -23% halted the erosion of
Slide 8: Gross Merchandising Value (GMV) | Top line erosion halted
Gross Merchandising Value (GMV) | Top line erosion halted European markets return to growth GMV YOY TREND BY REGION all figures in mln The business demonstrates strong foundations, making its growth potential resilient to external factors. The European markets (GMV +15% vs. LY) halted the erosion of
Slide 9: Revenues and Gross profit | Lower marginality
Revenues and Gross profit | Lower marginality Half-year margins were 320 basis points lower REVENUES AND GROSS PROFIT MARGIN GROSS PROFIT all figures in mln all figures in mln The Gross margin decreased by 320 bsp as a direct consequence of a For the same reasons, the Gross Profit decreased by Euro
Slide 10: Fixed and variable expenses
Fixed and variable expenses Optimized variable expenses - despite the cost of oil - while the fixed ones suffer a weaker top line VARIABLE EXPENSES FIXED EXPENSES AND OTHER REVENUES Marketing + transport, handling, packaging + duties + payment fees HR, G&A and others +10 bsp -80 bsp Stable incidence
Slide 11: Variable expenses | Marketing & Communication
Variable expenses | Marketing & Communication Controlled and highly efficient marketing investments MARKETING EXPENSE ON REVENUES NEW CUSTOMERS ACQUISITION all figures in K +7% -30 bsp As a consequence of a prudent approach aimed at controlling margins and The number of new customers acquired grew (
Slide 12: Variable expenses | Fulfillment
Variable expenses | Fulfillment Optimized the supply chain with a continuous improvement approach FULFILLMENT EXPENSES Fulfillment = transport all figures in mln In-housed logistics avoiding all the inefficiencies of third parties experienced in 2021. Re-negotiated the commercial conditions with cou
Slide 13: Adjusted EBITDA Margin
ADJUSTED EBITDA MARGIN Loss of 330 bsp due to a weaker top line ADJUSTED EBITDA MARGIN: 2026 vs. 2025 The Adjusted EBITDA margin suffered a -330 bps drop mostly due to an erosion of gross profit margin. Adj EBITDA margin Fixed expenses, Adj EBITDA margin Gross profit margin Variable expenses H1 2025
Slide 14: Net Result | Road to profitability
Net Result | Road to profitability Combining ambitions to growth with a gradual return to profitability 2026 2027 2028 Achieve cost-effectiveness thanks to the introduction of the AI across the organization Keep developing the e-concession model with the brands in order to reduce intermediations Inc
Slide 15: Profit & Loss
Profit & Loss Revenues and cost structure vs. 2025 vs. LY H1 2026 on total revenue H1 2025 on total revenue (all numbers in k) on total revenue Revenue € 17,262 € 17,497 Cost of revenue -€ 12,961 -75.1% -€ 12,574 -71.9% -3.2 Gross Profit € 4,301 24.9% € 4,923 28.1% -3.2 Marketing expenses -€ 794 -4.
Slide 16: Balance sheet
Balance sheet Balance sheet vs. end of 2025 (all numbers in k) 30/06/2026 31/12/2025 Delta Intangible fixed assets € 5,167 € 5,424 -€ 257 Tangible fixed assets € 903 € 998 -€ 95 Financial fixed assets €0 € 250 -€ 250 Total fixed assets € 6,070 € 6,672 -€ 602 ADJ Total fixed assets € 6,070 € 6,421 -€
Slide 17: Q3 2026 Preview
Q3 2026 PREVIEW 24-09-2026 GIGLIO.COM
Slide 18: Gross Merchandising Value (GMV) | Back to growth
Gross Merchandising Value (GMV) | Back to growth Business back to growth in Europe, counterbalanced by a difficult international outlook given by geopolitical tensions GMV YOY TREND BY REGION SHARE OF Q3 2026’S GMV BY REGION all figures in mln +13% -11% TOTAL +7% Q3 2026 is showing a clear rebounce
Slide 19: Gross Merchandising Value (GMV) | Back to growth
Gross Merchandising Value (GMV) | Back to growth Business back to growth in Europe, counterbalanced by a difficult international outlook given by geopolitical tensions GMV YOY GROWTH BY SEMESTER Starting from H2 2025 the business showed a clear growth path of growth in Europe. The overall growth of
Slide 20: Corporate Presentation
CORPORATE PRESENTATION 24-09-2026
Slide 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 The company’s marketing investment is prudent as the incidence on total MARKETING EXPENS
Slide 32: 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 all figures in k 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,
Slide 33: 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 34: 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 35: 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 36: Before you leave… Would you like to take a closer look at GIGLIO.COM?
Before you leave… Would you like to take a closer look at GIGLIO.COM? 36
Slide 37: GIGLIO.COM
GIGLIO.COM