Global Fashion Group Achieves Margin Expansion in Q1 2026

Global Fashion Group S.A. released its Q1 2026 results, reporting significant progress in Adjusted EBITDA margin despite a challenging consumer environment. The company saw a decrease in Net Merchandise Value (NMV) by 3.0% year-on-year while revenue declined by 4.3% on a constant currency basis. The marketplace NMV share reached 42%, reflecting stability.

ANZ showed resilience with a 3.5% increase in NMV and a 4.0% rise in revenue. The overall gross margin improved to 46.5%, helped by higher contributions from Platform Services. Despite a decline in active customers by 4.8% to 7.2 million, order frequency rose by 1.9%, indicating a more loyal customer base.

The company improved its adjusted EBITDA by €5.4 million year-on-year. Cash metrics remained strong with a pro-forma cash position of €109 million. GFG reaffirmed its full-year guidance, anticipating NMV growth between -4% and 4%, reflecting a focus on strategic market management.