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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Global Fashion Group
Global Fashion Group (GFG) investor relations material
Global Fashion Group Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 NMV was €243m, down 5.4% YoY at constant currency; softer demand coincided with 7.2% fewer active customers and 9.2% fewer orders.
Gross-margin expansion and cost discipline lifted adjusted EBITDA margin to 2.1%, up 1.6pp YoY, while normalised free cash flow improved.
Financial highlights
Revenue was €157m, down 7.7% YoY at constant currency, reflecting lower NMV and higher marketplace mix; gross profit increased to €74m from €72m.
Gross margin rose 0.9pp YoY to 47.0%; adjusted EBITDA margin improved to 2.1% from 0.5%.
Q3 normalised free cash flow was €1m versus -€15m in Q3 2025; LTM normalised free cash flow improved €33m YoY to -€2m.
Q3 working capital generated a €7m inflow, with roughly half attributable to receivables timing expected to reverse in Q4.
Outlook and guidance
FY 2026 guidance remains NMV growth of -4% to 0% YoY at constant currency (€1,050m–€1,090m) and adjusted EBITDA of €18m–€25m.
NMV is now expected toward the lower end of guidance after challenging October trading, particularly in Brazil; YTD NMV was down 3% YoY.
CapEx and lease costs are expected slightly below 2025 levels of €13m and €18m, respectively; working-capital inflow is expected to exceed 2025’s €3m.
Normalised FCF positivity is the next milestone, with no timing set; FY 2027 guidance is due with full-year results in March.
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Latest events from Global Fashion Group
- Cost reductions delivered Q4 Adjusted EBITDA breakeven despite a 14.2% FY NMV decline.GFG
Q4 2023 - Profitable growth driven by scale, AI innovation, and operational efficiency across key regions.GFGCorporate presentation
- First-half profitability achieved with improved margins, cost discipline, and narrowed FY2026 guidance.GFGQ2 2026
- Margins and EBITDA improved in Q1 2026, but sales and customer base continued to decline.GFGQ1 2026
- Profitable growth driven by efficiency, marketplace expansion, and sustainability focus.GFGCorporate presentation
- Adjusted EBITDA turned positive in 2025 with improved margins despite lower revenue.GFGQ4 2025
- Gross margin rose to 46.1% and adjusted EBITDA turned positive, with stable NMV and narrowed guidance.GFGQ3 2025
- Record gross margin and cost cuts drove profit gains despite lower sales and customer metrics.GFGQ3 2024
- Gross margin and EBITDA margin improved as cost cuts offset lower demand and revenue.GFGQ2 2024
Next Global Fashion Group earnings date
Q4 20263 Mar, 2027
Global Fashion Group
Next Global Fashion Group earnings date
Q4 20263 Mar, 2027
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Frequently asked questions
Global Fashion Group S.A., an online fashion and lifestyle destination, engages in the sale of apparel, footwear, accessories, and beauty products for women, men, and children in Latin America, the Commonwealth of Independent States, Southeast Asia, Australia, and New Zealand markets. The company provides its products and services under the ZALORA brand name; THE ICONIC brand name; Namshi brand name; lamoda brand name; and dafiti brand name.