Q4 2025 Global Fashion Group SA Earnings Call Transcript
Key Points
- Global Fashion Group SA (WBO:GFGT) achieved positive adjusted EBITDA for all three regions and the group in 2025, marking a significant milestone.
- ANZ, representing half of the group's NMV, completed its transition to a profitable growth engine with a 6% NMV growth year-over-year in constant currency.
- LATAM delivered a significant turnaround, moving from a negative EUR22 million adjusted EBITDA in 2023 to a positive EUR3 million in 2025.
- The company reduced its total cost base by EUR106 million, a 16% reduction in constant currency, and released EUR88 million from working capital.
- The marketplace represented 39% of group NMV, and platform services represented 4% of group revenue, contributing to the company's strategic goals.
- The company faced a EUR168 million reduction in NMV from 2023 to 2025, with FX devaluation against the euro accounting for about half of this reduction.
- SEA, the smallest region at 21% of group NMV, continued to face a decline with NMV down 15% in 2025.
- The active customer base was down 4% year-on-year as the company prioritized profitable customer acquisition, engagement, and reactivation.
- The global macroeconomic environment remains highly volatile, with ongoing geopolitical tensions impacting demand across the nine countries where the company operates.
- The company expects NMV guidance for 2026 to range from minus 4% to plus 4% on a constant currency basis, reflecting softer current trading and different half-year trajectories.
Good morning, everyone. Welcome to Global Fashion Group's Q4 and full-year 2025 results presentation. I'm Christoph Barchewitz, CEO of GFG, I'm joined today by our CFO, Helen Hickman.
I'll start today with an update on the strategic actions we have executed over the past three years, followed by an overview of our 2025 Regional Performance. Helen will cover results for the group and the outlook. We'll open it up for Q&A.
To start, I want to briefly remind you of what underpins GFG's long-term potential. We hold leading positions across large fashion and lifestyle markets where online penetration continues to increase over time. We serve these markets with a tailored customer-centric approach that reflects local needs, we maintain strong relationships with both global and local brands. These partnerships are supported by flexible business models that help brands grow in complex markets.
We also have a unique operational footprint, supported by proprietary technology and
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