Global Fashion Group (GFG) Q3 2026 earnings summary

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.