Global Fashion Group S.a. · XETR:GFG
Global Fashion — Investor Presentation (June 2026)
52 slides from Global Fashion's investor presentation, June 2026
Slide 1: Company Overview June 2026
#1 FASHION & LIFESTYLE DESTINATION IN ANZ, LATAM & SEA COMPANY OVERVIEW June 2026
Slide 2: Executive Summary
EXECUTIVE SUMMARY 2 COMPANY OVERVIEW: JUNE 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 €61 Average Order AUSTRALIA, NEW ZEALAND BRAZIL, COLOMBIA INDONESIA, PHILIPPINES, MALAYSIA, Value SINGAPORE, HONG KONG 3 COMPANY OVERVIEW: 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) Company estimates based on World Bank income segmentation data. 4 COMPANY OVERVIEW: JUNE 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: JUNE 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 61% GFG owns stock of NMV Strong margin Healthy stock profile 1.4x higher GP / NMV than Marketplace 14% aged inventory MARKETPLACE 39% 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: JUNE 2026
Slide 8: On the right trajectory to more profitable growth and positive cash flow
WE ARE ON THE RIGHT TRAJECTORY TO MORE PROFITABLE GROWTH AND POSITIVE CASH FLOW NMV GROSS MARGIN ADJ. EBITDA NORMALISED FCF €M % REVENUE €M €M €(168)m +4ppt +€62m +€31m €86m Pro-Forma Net 46% 47% 15 9 Cash (Mar-26) 1,210 45% 1,100 1,042 1,030 42% (18) (22) (32) (42) (53) (63) 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 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
Slide 10: 2026 results to date and guidance
2026 RESULTS TO DATE Q1 2026 FY 2026 GUIDANCE2 NMV1 (3)% yoy (4)-4% yoy Implies €990-1,070m ADJUSTED €(5)m €15-25m EBITDA +€5m yoy +€6-16m yoy (1) Constant currency growth rate. (2) Guidance metrics are based on 31 December 2025 closing exchange rates. 10 COMPANY OVERVIEW: JUNE 2026
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: JUNE 2026
Slide 14: Competitive Landscape
MARKET COMPETITIVE LANDSCAPE FASHION FOCUS The only local multi-brand Fashion Brands platforms of scale 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
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 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 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 AFTER FULFILMENT Retail Marketplace Retail Marketplace % of NMV % of Revenue % of NMV % of Revenue 100% 56% 31% 36% 22% 16% 14% 12% 20 COMPANY OVERVIEW: JUNE 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: JUNE 2026
Slide 23: Marketing Overview
OPERATIONS MARKETING OVERVIEW TRAFFIC BY MARKETING CHANNEL1 GOT YOU LOOKING MASTERBRAND CAMPAIGN (% OF TOTAL SESSIONS) ANZ SEA Launched February 2024 Launched February 2026 Search 3rd Party 53% Social Engine Affiliate Paid (SEM) <5% 5%2% Apps & Websites 47% 7% CRM Organic Search Engine (SEO) 34% Soc
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: JUNE 2026
Slide 25: AI Innovation
TECHNOLOGY AI INNOVATION 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 workflow lower production costs P
Slide 26: People & Planet Positive Strategy
SUSTAINABILITY PEOPLE & PLANET POSITIVE STRATEGY 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 Contribute to a cir
Slide 27: Group & Regional Performance
GROUP & REGIONAL PERFORMANCE 27 COMPANY OVERVIEW: JUNE 2026
Slide 28: Group Overview & Regional Comparison
GROUP | OVERVIEW & REGIONAL COMPARISON 9 CATEGORY LTM MARCH 2026 GROUP ANZ LATAM SEA markets across NMV (€M) 1,030 512 308 210 3 regions Apparel 12% 29% Footwear NMV yoy (ccy) 0.1% 6.6% 2.6% (15.4)% 20% Sport Revenue (€M) 672 347 188 144 6 9% Accessories Gross Margin 47% 49% 45% 46% Local fulfilment
Slide 29: 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 2 20% 20% 17% 45% 15 42% 43% 42% 9 €1bn 40% 1% 39% 0% 0% (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 Ma
Slide 30: 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 €86 Retail Average Order Value BRAND TYPE 64% ~90% 13% Global 44% Female of NMV from Local t
Slide 31: ANZ Financial Profile
ANZ | FINANCIAL PROFILE NMV1 yoy growth GROSS MARGIN ADJ. EBITDA €M Adj. EBITDA Margin % 45% 1 5 4 2 (1) 5 7 49% 49% €512m 47% 47% 26 46% 46% 45% 16% 16% 43% 16 16 5% 6% 7% 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 Mar-26 Mar-26 (1) Growth rate is
Slide 32: LATAM Business Profile
LATAM | BUSINESS PROFILE CUSTOMERS CATEGORY BUSINESS MODEL Apparel 3.4m 13% 21% Footwear Active Customers 9% Sport Marketplace 4% 20% 35% of NMV from 1.9x 37% Accessories Other premium brands Order Frequency €47 Retail Average Order Value BRAND TYPE 65% ~70% 0% Global 57% Female 39% of NMV from Loca
Slide 33: LATAM Financial Profile
LATAM | FINANCIAL PROFILE NMV1 yoy growth GROSS MARGIN ADJ. EBITDA €M Adj. EBITDA Margin % 2 2 (6) (7) (10) (3) 1 45% 44% 8 7 21% 43% 43% 42% 42% 42% 3 16% 41% €308m 6% 3% (2)% (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 Mar-26 Mar-26 No
Slide 34: SEA Business Profile
SEA | BUSINESS PROFILE CUSTOMERS CATEGORY BUSINESS MODEL Apparel 1.8m 12% 29% Footwear Active Customers 20% Sport 18% Marketplace of NMV from 9% 2.5x 30% Accessories Other 53% premium brands Order Frequency €48 Average Order Value BRAND TYPE Retail 47% ~80% 19% 2% Global 63% Female of NMV from Local
Slide 35: SEA Financial Profile
SEA | FINANCIAL PROFILE NMV1 YoY growth GROSS MARGIN ADJ. EBITDA €M Adj. EBITDA Margin % 34% 46% 46% (10) (3) 0 1 (1) (2) 2 27% 44% 41% 21% 38% 39% 2 3 0 31% 32% €210m (1) (3) (5)% (7) (15)%(17)%(15)%(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 Mar-26 Mar-26 (1)
Slide 36: KPIs & Financials
KPIS & FINANCIALS 36 COMPANY OVERVIEW: JUNE 2026
Slide 37: 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 38: Customer Metrics
KPIS CUSTOMER METRICS 2023 2024 2025 LTM MAR-26 ACTIVE CUSTOMERS (€M) 8.2 7.6 7.3 7.2 yoy growth (18.3)% (7.8)% (4.0)% (4.8)% AVERAGE ORDER VALUE (€) 61.7 62.7 60.5 60.9 yoy growth (constant currency) +11.8% +4.4% +2.1% +3.2% ORDER FREQUENCY (X) 2.4 2.3 2.4 2.4 yoy growth (5.2)% (3.0)% +2.3% +1.9% N
Slide 39: Business Model Mix Progression
KPIS BUSINESS MODEL MIX PROGRESSION MARKETPLACE 2023 2025 PLATFORM SERVICES 2023 2025 SHARE OF NMV SHARE OF REVENUE 53% 50% ~45% GOAL 39% 10% 37% 36% 35% 35% 31% 8% >5% GOAL 4% 3% 1% 2% 1% 2% GFG ANZ LATAM SEA GFG ANZ LATAM SEA 39 COMPANY OVERVIEW: JUNE 2026
Slide 40: Gross Margin Breakdown
FINANCIALS GROSS MARGIN BREAKDOWN 0.7% 0.1% 46% 42% 2.6% 0.6% 2023 Gross Margin Retail Margin Marketplace Platform Services Other 2025 Gross Margin 40 COMPANY OVERVIEW: JUNE 2026
Slide 41: Inventory
FINANCIALS INVENTORY 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 ne
Slide 42: Costs
FINANCIALS COSTS COSTS (€M) 2023 2024 2025 23-25 COSTS % OF NMV 2023 2024 2025 23-25 Fulfilment 190 167 146 (44) Fulfilment 15.7% 15.2% 14.1% (1.6)ppt Marketing 82 74 69 (13) Marketing 6.8% 6.7% 6.7% (0.1)ppt Tech & Admin1 177 162 142 (35) Tech & Admin1 14.6% 14.7% 13.6% (1.0)ppt Tech Capex & 42 4
Slide 43: Normalised Free Cash Flow (NFCF)
FINANCIALS NORMALISED FREE CASH FLOW (“NFCF”) €M 2023 2024 2025 LTM MAR-26 Adj. EBITDA (53) (18) 9 15 Cash Lease Costs (19) (19) (18) (17) Working Capital 47 38 3 6 Capex (28) (29) (13) (12) Other NFCF (9) (14) (13) (13) Normalised Free Cash Flow (63) (41) (32) (22) NFCF yoy +51 +21 +10 +24 Note:
Slide 44: Capital Structure & Liquidity Flexibility
FINANCIALS CAPITAL STRUCTURE & LIQUIDITY FLEXIBILITY €M MAR-2026 €M Maturity / Term Total Facility Pro-Forma Net Cash 86 Convertible Bonds Mar-28 9 Convertible Bond Outstanding 9 Australia Revolving Credit Facility Jan-28 17 Additional Funding Sources 24 BPI Facility 1 year 1 Available Liquidity 119
Slide 45: Appendix
APPENDIX 45 COMPANY OVERVIEW: JUNE 2026
Slide 46: Assortment Mix Comparison
ASSORTMENT MIX COMPARISON GROUP ANZ LATAM SEA Apparel 14% 14% 13% 12% 21% Footwear 29% 35% 9% 13% 13% 20% 45% CATEGORY Sport 20% Accessories 18% 9% 26% 13% 37% Other 10% 30% 7% 0% 2% 13% 19% Global BRAND Local 50% 39% 40% 53% TYPE Own 37% 61% 79% Note: All charts represent FY 2025 NMV mix. 46 COMPAN
Slide 47: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION €M 2023 2024 2025 Adjusted EBITDA (53.0) (17.6) 9.3 Share-based payment expenses / (credit) (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
Slide 48: 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 49: GFG Shares
GFG SHARES AS OF Q1 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 Awards Re
Slide 50: GFG Convertible Bonds Due 2028
GFG CONVERTIBLE BONDS DUE 2028 AS OF Q1 2026 GFG CONVERTIBLE BONDS TERMS REPURCHASES BONDHOLDER PUT TOTAL Issue Size €375.0m €M 2022-2025 Q1 2026 As of Q1 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
Slide 51: 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 52: 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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