Luxembourg, 13 August 2026 – Global Fashion Group S.A. (“GFG” or the “Group”), the leading online fashion and lifestyle destination in ANZ, LATAM, and SEA, achieved its first Adjusted EBITDA profitable first half, driven by stronger unit economics and ongoing cost discipline.
Q2 2026 Highlights
(growth rates at constant currency)
- Net Merchandise Value decrease of 0.6% (Q2/25: (0.4)%)
- Revenue decrease of 2.9% (Q2/25: (1.2)%)
- Gross Margin 47.7% (Q2/25: 47.7%)
- Adj. EBITDA €6.1m (Q2/25: €3.0m), Adj. EBITDA Margin 3.6% (Q2/25: 1.8%)
- Active Customers decrease of 5.5%, Order Frequency increase of 1.8%
- Pro-Forma Cash of €105.2m and Pro-Forma Net Cash of €88.5m
Christoph Barchewitz, CEO of GFG, said: “Following our profitable full year in 2025, we have reached another milestone with our first profitable H1. This achievement in a softer demand environment validates our focus on stronger unit economics, scaling Marketplace and Platform Services and embedding AI across our operations. We have built a more resilient, efficient and profitable business that positions us well to navigate varying market conditions.”
In Q2 2026, GFG generated €263 million in Net Merchandise Value (“NMV”), down 0.6% year-on-year (“yoy”) on a constant currency basis (“ccy”). NMV was broadly stable as a 5.3% increase in Average Order Value substantially mitigated the impact of a 5.6% yoy decline in Orders. A continued focus on high-quality customer engagement resulted in a 1.8% increase in Order Frequency, while Active Customers decreased by 5.5% yoy.
In ANZ, Q2 NMV increased 3.0% yoy ccy despite a more challenging discretionary spending environment, supported by Active Customer growth and strong engagement across targeted campaigns. In LATAM, Q2 NMV declined 0.6% yoy amid external headwinds, including record household debt, a promotional competitive environment and consumer focus on the World Cup. In SEA, Q2 NMV decreased 10.3% yoy as the region continued to face topline pressure. In H1, all three regions were profitable and delivered yoy Adjusted EBITDA margin expansion.
In Q2, the Group’s Gross Margin was flat yoy at 47.7% as increased participation in Marketplace and Platform Services offset lower Retail Margins. Building on ongoing efficiency and simplification, GFG reduced its cost base more significantly than the decline in NMV during H1. This drove a €9 million yoy improvement in H1 Adjusted EBITDA to €1 million. The resulting 2.8ppt margin expansion to 0.3% marks GFG’s first profitable H1 at an Adjusted EBITDA level, within its current footprint.
Driven by a €3 million yoy improvement in Adjusted EBITDA, Q2 Normalised Free Cash Flow (“NFCF”) also rose by €3 million to €2 million, supported by stable leases, working capital and capital expenditure. On a last twelve months basis, NFCF improved by €28 million yoy to €(19) million demonstrating GFG’s continued progress toward a breakeven position. The Group closed Q2 with €105 million in Pro-Forma Cash and €89 million in Pro-Forma Net Cash.
For full-year 2026, GFG narrowed its NMV guidance expectations from (4)-4% to (4)-0% yoy ccy, reflecting H1 performance and revised expectations for a more challenging H2. This implies an expected NMV range of €1,050-1,090 million when accounting for year-to-date exchange rate movements. For Adjusted EBITDA, GFG narrowed its range from €15-25 million to €18-25 million, accounting for H1 and the importance of Q4 trading.
KEY FINANCIAL METRICS (€M)
| Q2 2025 | Q2 2026 | H1 2025 | H1 2026 | |
|---|---|---|---|---|
| NMV | 249.2 | 263.2 | 475.5 | 478.3 |
| % Constant Currency Growth | (0.4)% | (0.6)% | 0.4% | (1.7)% |
| Revenue | 163.4 | 169.4 | 309.3 | 307.3 |
| % Constant Currency Growth | (1.2)% | (2.9)% | (0.3)% | (3.5)% |
| GROSS PROFIT | 78.0 | 80.8 | 145.2 | 144.9 |
| % Margin of Revenue | 47.7% | 47.7% | 46.9% | 47.2% |
| EBIT | (9.6) | (5.4) | (32.5) | (23.1) |
| ADJUSTED EBITDA | 3.0 | 6.1 | (7.7) | 0.8 |
| % Margin of Revenue | 1.8% | 3.6% | (2.5)% | 0.3% |
KEY CASH METRICS (€M)
| Q2 2025 | Q2 2026 | H1 2025 | H1 2026 | |
|---|---|---|---|---|
| Pro-Forma Cash* | 150.5 | 105.2 | 150.5 | 105.2 |
| Pro-Forma Net Cash* | 97.2 | 88.5 | 97.2 | 88.5 |
| Normalised Free Cash Flow** | (1.4) | 1.8 | (61.9) | (49.1) |
| Capital Expenditure | 3.2 | 3.0 | 6.3 | 5.1 |
KEY CUSTOMER METRICS
| Q2 2025 | Q2 2026 | H1 2025 | H1 2026 | |
|---|---|---|---|---|
| ACTIVE CUSTOMERS (M) | 7.5 | 7.0 | 7.5 | 7.0 |
| % Growth | (2.4)% | (5.5)% | (2.4)% | (5.5)% |
| ORDERS (M) | 4.1 | 3.8 | 7.9 | 7.3 |
| % Growth | (2.1)% | (5.6)% | (2.1)% | (6.6)% |
| ORDER FREQUENCY (x) | 2.3 | 2.4 | 2.3 | 2.4 |
| % Growth | (1.5)% | 1.8% | (1.5)% | 1.8% |
| AVERAGE ORDER VALUE (€) | 61.4 | 68.7 | 60.4 | 65.1 |
| % Constant Currency Growth | 1.8% | 5.3% | 2.6% | 5.3% |
*Pro-Forma Cash is defined as cash and cash equivalents at the end of the period plus restricted cash and cash on deposits. Pro-Forma Net Cash is defined as Pro-Forma Cash less third-party borrowings and the nominal value of the convertible bond liability.
**Normalised Free Cash Flow (“NFCF”) represents operating cash flows excluding discontinued operations, exceptional items, changes in factoring principal, FX effects, restricted cash, share buybacks, convertible bond interest and investment income interest & tax.
FURTHER INFORMATION
KPI and financial definitions, including alternative performance measures are available in the H1 2026 Report.
