Global Fashion Group S.A.

Group H1 2026 NMV declined 1.7% year over year, and Q2 NMV declined 0.6% on a constant-currency basis. H1 revenue declined 3.5% year over year on a constant-currency basis, gross margin improved to 47.2%, and adjusted EBITDA improved by EUR 9 million year over year to positive EUR 1 million. Q2 adjusted EBITDA margin increased by 1.8 percentage points, and LTM adjusted EBITDA improved by EUR 23 million year over year; normalized free cash flow improved by EUR 28 million year over year to negative EUR 19 million. Full-year 2026 guidance was narrowed to NMV of negative 4% to 0% year over year on a constant-currency basis, equivalent to EUR 1.05 billion to EUR 1.09 billion reported, and adjusted EBITDA of EUR 18 million to EUR 25 million.

Christoph Barchewitz framed the quarter as execution against strategy, emphasizing improved unit economics, a more scalable marketplace mix, and disciplined cost management. He said sales and profit per customer and per order are growing strongly, even though active customers and orders are down by about a quarter over the long term. His tone was constructive but realistic: he pointed to clear progress in delivery, platform services, and AI, while acknowledging continued pressure in SEA and tougher conditions in some markets.

Helen Hickman highlighted that ANZ delivered 3% NMV growth in H1 and Q2, LatAm remained profitable despite NMV down 2% and revenue down 7% in H1, and SEA improved adjusted EBITDA margin to 3% even as NMV fell 11%. At the group level, she said order frequency rose 1.8% to 2.4x, gross margin improved 0.2 points to 47.2%, and cost lines fell meaningfully: fulfillment costs were down 1.3 points of NMV and technology/admin costs were down 1.3 points of NMV. She also said Q2 normalized free cash flow was EUR 2 million, supported by EUR 6 million of adjusted EBITDA and about EUR 6 million of working capital inflow, while cash ended Q2 at EUR 105 million pro forma cash and EUR 89 million pro forma net cash.

Analysts focused on competitive positioning, price investment, active customer declines, Southeast Asia’s weaker trends, and free cash flow sustainability. Management said ANZ appears to be performing above average, LatAm remains competitive with pressure from cross-border players, and SEA is losing share and needs turnaround work. On cash flow, Helen said breakeven remains the goal and that the business likely needs at least EUR 30 million of adjusted EBITDA to offset fixed cash costs and move closer to breakeven.