Global Fashion Group (GFG) Q1 2026 earnings summary

Executive summary

• Achieved significant Adjusted EBITDA margin expansion in Q1 2026 through cost discipline and improved customer economics, despite lower sales volumes.

• Active customer base reached 7.2 million, declining 4.8%–7.8% year-over-year, but order frequency increased by 1.9% to 2.4x.

• Average order value rose 5.2% year-over-year to €61.2, partially offsetting a 7.7% decline in total orders.

• Q1 2026 financials exclude CIS, Argentina, and Chile due to prior divestments and closures.

Financial highlights

• Q1 2026 NMV was €215.2 million, down 3.0% year-over-year at constant currency.

• Revenue for Q1 2026 was €137.9 million, a 4.3%–5.5% year-over-year decline.

• Gross margin improved by 0.5 percentage points year-over-year to 46.5%.

• Adjusted EBITDA improved to €(5.3) million from €(10.7) million year-over-year, with margin up 3.5 points to (3.8)%.

• Normalised free cash flow improved by €10 million year-over-year to negative €51 million.

Outlook and guidance

• Full-year 2026 guidance confirmed: NMV expected between -4% and +4% year-over-year, or €990–1,070 million.

• Adjusted EBITDA for 2026 expected in the range of €15–25 million.

• Guidance reflects softer first half, varying second-half scenarios, and incorporates interest rate and election cycle risks.

• No direct Middle East exposure, but monitoring global supply chain and consumer sentiment risks; excludes prolonged geopolitical volatility.