Global Fashion Group (GFG) Q3 2025 earnings summary

Executive summary

• Achieved significant adjusted EBITDA improvement, turning positive for the last twelve months, with gross margin up 1.3 percentage points to 46.1% and NMV broadly stable, down 0.4% year-over-year on a constant currency basis.

• Active customers declined 2.3% year-over-year to 7.4 million, but order frequency increased 0.4% year-over-year.

• Orders declined 1.4% year-over-year to 3.9 million, while average order value rose 1.0% to €61.1.

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

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

Financial highlights

• Q3 2025 NMV was €238.7m, down 0.4% year-over-year; revenue was €156.8m, down 1.5% year-over-year in constant currency.

• Gross margin improved to 46.1%; adjusted EBITDA margin rose to 0.6%, with adjusted EBITDA at €0.9m.

• Normalised free cash flow outflow was €15.3m in Q3 2025, an €11m improvement year-over-year.

• Pro-forma cash at quarter-end 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.

Outlook and guidance

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

• Expects to achieve adjusted EBITDA breakeven or a single-digit Euro million positive result for the full year.

• CapEx for next year expected to focus on internal technology, with no major infrastructure projects planned.

• Full-year expectations for leases, working capital, and CapEx remain unchanged.