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Global Fashion Group
Global Fashion Group (GFG) investor relations material
Global Fashion Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Mar, 2026
Executive summary
Achieved positive Adjusted EBITDA for all regions and the group in 2025, marking a significant turnaround after a challenging post-COVID environment and the sale of the CIS business; operations now exclude CIS, Argentina, and Chile.
Maintained a leading position in fashion & lifestyle markets across ANZ, LATAM, and SEA, with a customer-centric approach and strong brand relationships.
Focused on profitable growth, cost efficiency, and customer-centric strategies, supported by a healthy balance sheet and substantial net cash position.
Reset actions included inventory reduction, assortment rationalization, and prioritizing high-value customers, resulting in improved gross profit per active customer and lower costs.
FY 2025 revenue declined 5.9% year-over-year to €679.8m, with a net loss of €62.2m, an improvement from €85.1m loss in FY 2024.
Financial highlights
Group NMV exceeded €1 billion in 2025, with Q4 contributing about a third; NMV and revenue were broadly stable in constant currency but impacted by FX headwinds.
Adjusted EBITDA improved by €62m from 2023 to 2025, reaching €9.3m in 2025, turning group full-year positive for the first time within the current footprint.
Gross margin rose to 46.4% in 2025, up 1.5ppt year-over-year, driven by inventory reduction and increased marketplace/platform services share.
Normalised Free Cash Flow improved by €31m since 2023, with a Q4 inflow of €46m and H2 2025 NFCF at €30.3m.
Closed 2025 with €185m in pro forma cash and €143m in pro forma net cash.
Outlook and guidance
FY 2026 NMV guidance: €990–1,070m (down 4% year-over-year at midpoint), Adjusted EBITDA of €15–25m.
CapEx and leases to remain broadly stable; working capital inflow expected to be slightly higher than 2025 due to timing effects.
Strategy focuses on business model evolution, customer flywheel, and cost efficiency.
Management expects continued stabilization in revenue and profitability metrics.
Explain FY25 Adjusted EBITDA improvement drivers
Strategy for convertible bond reduction in FY24-25?
Strategic outlook for SEA segment performance?
SEA NMV stabilization and customer turnaround?
GFG's AI strategy for competitive advantage?
Key drivers for 2026 EBITDA growth?
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Next Global Fashion Group earnings date
Q2 202613 Aug, 2026
Global Fashion Group
Next Global Fashion Group earnings date
Q2 202613 Aug, 2026
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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.
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