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Global Fashion Group (GFG) investor relations material
Global Fashion Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
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.
SEA turnaround: key commercial and customer focus
Future CapEx profile post-infrastructure projects?
AI chatbots: impact on traffic and conversion?
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Next Global Fashion Group earnings date
Q4 20254 Mar, 2026
Next Global Fashion Group earnings date
Q4 20254 Mar, 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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