Global Fashion Group (GFG) Q3 2025 earnings summary

Executive summary

• Achieved significant adjusted EBITDA improvement in Q3 2025, turning positive for the last twelve months, driven by gross margin expansion and cost discipline, with NMV at €238.7m, down 0.4% year-over-year in constant currency.

• Revenue declined 1.5% year-over-year in constant currency to €156.8m, with gross margin up 1.3 percentage points to 46.1%.

• Active customers declined 2.3% year-over-year to 7.4 million, but order frequency increased 0.4% to 2.3x and average order value rose 1% year-over-year.

• Marketplace NMV share increased to 39% from 37% year-over-year.

• Q3 2025 financials exclude CIS, Argentina, and Chile due to divestments and closures in prior periods.

Financial highlights

• Adjusted EBITDA margin improved by 4.4 percentage points to 0.6% year-over-year, with Q3 2025 adjusted EBITDA at €0.9m.

• Normalised free cash flow improved by €11m year-over-year, with Q3 2025 outflow of €15.3m.

• Pro-forma cash at end of Q3 2025 was €135.8m, with pro-forma net cash at €85.3m.

• Cash capital expenditure reduced to €3.6m in Q3 2025 from €9.2m in Q3 2024.

• EBIT improved to -€12.0m in Q3 2025 from -€21.5m in Q3 2024.

Outlook and guidance

• Full-year 2025 NMV guidance narrowed to (2)% to 2% year-over-year, implying €1,010–1,060m.

• Expects to achieve adjusted EBITDA breakeven to a single-digit Euro million positive result for the full year, with capex reduced to ~€15m and no major investment projects planned.

• Constant currency growth rates remain negative or flat, indicating ongoing market challenges.