GLOBAL FASHION GROUP REPORTS Q4 & FY 2025 RESULTS

Luxembourg, 4 March 2026 – Global Fashion Group S.A. (“GFG” or the “Group”), the leading online fashion and lifestyle destination in ANZ, LATAM and SEA, announced a strong performance for 2025, achieving positive Adjusted EBITDA Groupwide and a return to full year growth for ANZ and LATAM.
FY 2025 Highlights (growth rates at constant currency)

• Net Merchandise Value increase of 0.3% (FY/24: (6.6)%)
• Revenue decrease of 0.6% (FY/24: (7.4)%)
• Marketplace NMV share increased to 39% of total NMV (FY/24: 38%)
• Gross Margin 46.4% (FY/24: 44.9%) and Adj. EBITDA Margin 1.4% (FY/24: (2.4)%)
• Active Customers decrease of 4.0%, Order Frequency increase of 2.3%
• Pro-Forma Cash of €185m and Pro-Forma Net Cash of €143m¹

Christoph Barchewitz, CEO of GFG, said:
“2025 marked an important step forward in GFG’s journey to profitable growth. Over the past three years, we have reset and solidified our foundations by evolving our business model, strengthening our customer flywheel and driving cost efficiency. These efforts enabled us to achieve a positive Adjusted EBITDA for the full year. Driven by a return to growth in ANZ and LATAM, we stabilised our topline despite varying levels of consumer demand. We entered 2026 with a much stronger margin profile, a healthy balance sheet and the liquidity needed to capture our growth opportunities ahead.”

In 2025, GFG generated €1.0 billion of Net Merchandise Value (“NMV”), with Q4 peak trading contributing about a third of the full year. On a constant currency basis (“ccy”), FY NMV was broadly stable increasing 0.3% year-on-year (“yoy”) and Q4 NMV increased 0.7% yoy.

GFG continued to prioritise profitable customer acquisition, engagement and reactivation. The Customer base ended 2025 down 4.0% yoy, whilst Order Frequency increased 2.3%, supported by engagement initiatives in ANZ and LATAM that more than offset the decline  in SEA.

ANZ, GFG’s largest region with 49% of Group NMV, returned to growth and delivered stronger profitability with a 5.7% yoy ccy NMV increase and €26 million of Adjusted EBITDA which converted strongly into positive Normalised Free Cash Flow (“NFCF”).² LATAM (30% of Group NMV) delivered an NMV increase of 6.1% ccy and €3 million of Adjusted EBITDA with NFCF near breakeven. SEA (21% of Group NMV) remained challenged on the topline with NMV down 15.2% yoy ccy. However, SEA’s rate of decline continued to ease with Q4 NMV down 9.7% yoy ccy. In 2025, SEA remained resilient on profitability and delivered €3 million Adjusted EBITDA, and was also near NFCF breakeven.

Supported by a healthier inventory profile and ongoing business model shift toward Marketplace and Platform Services, GFG increased its Gross Margin by 1.5ppt to 46.4% in 2025. The expanding margin combined with ongoing cost reductions drove a €27 million improvement in Adjusted EBITDA to €9 million, representing a 1.4% margin. This marked the delivery of one of GFG’s key financial ambitions: positive Group Adjusted EBITDA. Q4 Adjusted EBITDA margin was particularly strong at 7.6%, up 3.5ppt yoy.

This improvement to Adjusted EBITDA along with a reduction in capital expenditure following the completion of key technology investments, drove GFG’s €10 million improvement in NFCF to an outflow of €32 million in 2025.

GFG closed 2025 with €185 million in Pro-Forma Cash and €143 million in Pro-Forma Net Cash.¹ GFG’s liquidity was further strengthened through the repurchases of €13.8 million of its outstanding convertible bond in 2025, bringing the total repurchased volume at a discount to 89% of the original issue. GFG’s adjusted available liquidity position is €176 million, after accounting for the Q1 2026 bondholders exercise of their right to redeem at par and the new revolving credit facility in ANZ.

In 2026, GFG expects to deliver NMV in a range of (4)-4% yoy ccy, implying €990-1,070 million of NMV. This reflects softer current trading and H1 expectations, as well as different H2 trajectories to account for macroeconomic factors in our nine markets. Adjusted EBITDA is expected to be in a range of €15-25 million. All guidance metrics are based on 31 December 2025 closing exchange rates.

 

Key Financial Metrics (€m)	Q4 2024	Q4 2025	FY 2024	FY 2025
NMV	343.5	327.4	1,099.6	1,041.6
% Constant Currency Growth	1.4%	0.7%	(6.6)%	0.3%
Revenue	226.6	213.8	722.6	679.8
% Constant Currency Growth	0.1%	(0.3)%	(7.4)%	(0.6)%
Gross Profit	103.4	98.1	324.4	315.5
% Margin of Revenue	45.6%	45.9%	44.9%	46.4%
EBIT	(4.0)	4.5	(74.9)	(40.0)
Adjusted EBITDA	9.2	16.2	(17.6)	9.3
% Margin of Revenue	4.1%	7.6%	(2.4)%	1.4%
Key Cash Metrics (€m)	Q4 2024	Q4 2025	FY 2024	FY 2025
Pro-Forma Cash1	222.4	185.1	222.4	185.1
Pro-Forma Net Cash1	164.1	143.2	164.1	143.2
Normalised Free Cash Flow2	41.6	45.6	(41.5)	(31.6)
Capital Expenditure	4.6	3.2	29.4	13.1
Key Customer Metrics	Q4 2024	Q4 2025	FY 2024	FY 2025
Active Customers (m)	7.6	7.3	7.6	7.3
% Growth	(7.8)%	(4.0)%	(7.8)%	(4.0)%
Number of Orders (m)	5.5	5.4	17.5	17.2
% Growth	(1.8)%	(1.5)%	(10.6)%	(1.8)%
Order Frequency (x)	2.3	2.4	2.3	2.4
% Growth	(3.0)%	2.3%	(3.0)%	2.3%
Average Order Value (€)	62.2	60.1	62.7	60.5
% Constant Currency Growth	3.2%	2.2%	4.4%	2.1%

  Note: All figures are presented for continuing operations only. As of FY 2025, Chile is classified as a discontinued operation and comparative figures are restated accordingly. FURTHER INFORMATION
KPI and financial definitions, including alternative performance measures are available in the 2025 Annual Financial Report.

For inquiries, please contact:
Saori McKinnon
Head of Investor Relations & Communications
investors@global-fashion-group.com
press@global-fashion-group.com

Forward-looking Information
This announcement contains forward-looking statements. Forward-looking statements should not be construed as a promise of future results and developments and involve known and unknown risks and uncertainties. Various factors could cause actual future results, performance or events to differ materially from those described in this announcement, and neither the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this announcement or the underlying assumptions.

About Global Fashion Group
Global Fashion Group (“GFG”) is the leading fashion and lifestyle destination in ANZ, LATAM and SEA. GFG exists to empower its people, customers and partners to express their true selves through fashion. GFG’s three ecommerce platforms – THE ICONIC, Dafiti and ZALORA – offer a curated assortment of international, local and own brands to a diverse market of 700 million consumers. Through a seamless and inspiring customer journey, powered by a blend of data-driven insights and local expertise, GFG’s platforms deliver an exceptional customer experience from discovery to delivery. GFG’s vision is to be the #1 fashion & lifestyle destination in its markets, and is committed to doing this responsibly by being people and planet positive across everything it does. (ISIN: LU2010095458)

For more information visit: www.global-fashion-group.com