Germany · Delayed Price · Currency is EUR Global Fashion Group Earnings Call Transcripts
Fiscal Year 2026
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First-half profitability achieved with improved unit economics and positive adjusted EBITDA, despite lower NMV and active customers. Guidance narrowed for FY2026 amid macro headwinds, with continued focus on cost discipline, platform expansion, and AI integration.
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Adjusted EBITDA margin improved by 3.5 points year-over-year, with gross margin gains and cost discipline offsetting a 3% NMV decline. ANZ delivered growth, while LATAM and SEA saw margin expansion. Full-year guidance is reaffirmed, with a focus on customer quality and profitability.
Fiscal Year 2025
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Delivered positive Adjusted EBITDA for all regions in 2025, driven by cost discipline, inventory reduction, and a focus on high-value customers. Guidance for 2026 anticipates stable to modest NMV growth and further margin expansion, despite macroeconomic headwinds.
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Q3 saw stable NMV and improved gross margin, with adjusted EBITDA turning positive on a last 12-month basis. ANZ and LATAM delivered growth, while SEA remains a turnaround focus. Guidance was narrowed, and liquidity remains strong.
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Q2 2025 saw stable top-line and improved profitability, with strong growth in LATAM and ANZ offsetting SEA declines. Gross margin and adjusted EBITDA margin reached record Q2 levels, cost efficiencies continued, and full-year guidance was reaffirmed. Marketplace share and AI-driven marketing advanced, while FX and competition remain key risks.
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Group NMV grew 1.3% year-over-year, with gross margin at a record 46% and adjusted EBITDA margin up 3.9 points. LATAM and ANZ drove growth, while SEA focused on cost and assortment improvements. Full-year guidance is reaffirmed, with ongoing cost and margin initiatives.
Fiscal Year 2024
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Record gross margin and improved adjusted EBITDA were achieved in 2024, with LATAM and ANZ returning to growth in Q4 while SEA remains a turnaround focus. Cost reductions, inventory optimization, and a strong cash position support the 2025 goal of adjusted EBITDA break-even.
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Q3 results showed a slower NMV decline, record gross margin, and improved adjusted EBITDA. Customer metrics and inventory efficiency improved, with guidance narrowed for a smaller full-year loss and continued focus on cost savings and operational discipline.
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Q2 2024 saw improved operational efficiency, record gross margin, and a slower decline in NMV and active customers. Cost reductions and platform initiatives drove adjusted EBITDA margin gains, with full-year guidance reaffirmed despite ongoing demand and competitive pressures.