Slides
Page 1
Q3 2026 RESULTS PRESENTATION #1 FASHION & LIFESTYLE DESTINATION IN ANZ, LATAM & SEA Q3 2026 RESULTS PRESENTATION 5 November 2026
Page 2
Q3 2026 RESULTS PRESENTATION CONTINUED MARGIN IMPROVEMENTS DESPITE DEMAND PRESSURE 2 (1) Constant currency growth rate. €243m NMV (5.4)% yoy1 2.1% ADJ. EBITDA MARGIN +1.6ppt yoy 6.9m ACTIVE CUSTOMERS (7.2)% yoy 3.6m ORDERS (9.2)% yoy 47.0% GROSS PROFIT MARGIN +0.9ppt yoy 2.4x ORDER FREQUENCY +1.8% yoy
Page 3
Q3 2026 RESULTS PRESENTATION ACTIVE CUSTOMERS (M) ORDER FREQUENCY (X) 2.3 2.4 Q3/25 Q3/26 7.4 6.9 Q3/25 Q3/26 FURTHER ORDER FREQUENCY GROWTH 3 Note: Active Customers and Order Frequency are rolling 12-month KPIs. (7.2)% +1.8%
Page 4
Q3 2026 RESULTS PRESENTATION ORDERS (M) 3.9 3.6 Q3/25 Q3/26 NMV1 (€M) 61.1 68.6 Q3/25 Q3/26 39% 40% 239 243 Q3/25 Q3/26 4 (1) Growth rate is in constant currency. Bars are a graphical representation of values on a constant currency basis. AVERAGE ORDER VALUE1 (€) Retail Marketplace (5.4)% (9.2)% +4.1% GREW AOV FROM FAVOURABLE REGIONAL MIX AND INFLATION
Page 5
Q3 2026 RESULTS PRESENTATION ADJUSTED EBITDA / MARGIN (€M) 72 74 Q3/25 Q3/26 157 157 Q3/25 Q3/26 EXPANDED ADJ. EBITDA THROUGH GROSS MARGIN AND COST SAVINGS 5 (1) Growth rate is in constant currency. Bars are a graphical representation of values on a constant currency basis. REVENUE1 (€M) (7.7)% +0.9ppt +1.6ppt 47.0%46.1% GROSS PROFIT / MARGIN (€M) 1 3 Q3/25 Q3/26 2.1% 0.6%
Page 6
Q3 2026 RESULTS PRESENTATION 2.0 3.2 1.6 ANZ LATAM SEA ANZ POSITIVE IN A CHALLENGING MACROECONOMIC ENVIRONMENT 6 (1) NMV and Revenue year-on-year changes are on a constant currency basis. Q3/26 NMV (€M) 134 70 40 ANZ LATAM SEA (16.6)%(9.7)%+1.4% Q3/26 ACTIVE CUSTOMERS (M) Q3/26 REVENUE (€M) Q3/26 GROSS MARGIN 49.1% 43.1% 49.4% ANZ LATAM SEA Change on Q3/251 90 43 26 ANZ LATAM SEA (21.9)%(11.9)%+0.2% (14.2)%(8.5)%+1.7% +4.5ppt(1.4)ppt+0.6ppt
Page 7
Q3 2026 RESULTS PRESENTATION IMPROVED LTM NFCF BY €33M TO NEAR BREAKEVEN 7 PRO-FORMA CASH BALANCE (€M) 89 82 1 (6) (8) 105 93 Jun-26 NFCF Net Change Other Sep-26 Pro-Forma Net Cash Pro-Forma Cash 2 (1) Normalised Free Cash Flow (“NFCF”) represents operating cash flows excluding discontinued operations, exceptional items, changes in factoring principal, FX effects, restricted cash, share buybacks, convertible bond interest and investment income interest & tax. (2) Other represents all excluded cash flows as mentioned in the footnote above. in Borrowings €M Q3/25 Q3/26 yoy Adj. EBITDA 1 3 +2 Cash Lease Costs (4) (4) (0) Working Capital (6) 7 +13 Capex (4) (4) (1) Other NFCF (3) (1) +2 Normalised Free Cash Flow1 (“NFCF”) (15) 1 +16 LTM NFCF (36) (2) +33
Page 8
Q3 2026 RESULTS PRESENTATION8 30 September 2026 €M1 Cases Cash released in Q3 0.8 2 Cash still to be released 2.0 2 Total cases won 2.8 4 Ongoing proceedings 40.9 32 Note: Refer to the GFG H1 2026 Interim Report for further detail on Brazil DIFAL. (1) DIFAL values include judicial deposits plus accrued interest before legal fees and indirect tax that are paid at the time of release. EUR values may not always sum due to BRL FX impacts. FIRST CASH RELEASES FROM BRAZIL DIFAL TAX OPPORTUNITY About DIFAL: DIFAL is a Brazilian tax on interstate sales to final consumers. The Dispute: Following a 2021 Supreme Court decision that created sector wide legal uncertainty, GFG initiated 36 legal proceedings across different states covering 2021-2022 and placed disputed amounts into interest bearing court-managed accounts. Accounting: DIFAL deposits are recorded under non-current other financial assets, matched by an equal non-financial liability (no balance sheet impact). Cash Releases: A final, favourable ruling releases the judicial deposit and accrued interest (less legal fees and indirect tax) in cash. The associated liability reversal and interest is part of the Group’s taxable income for Brazil at the time of reversal, subject to the use of available tax loss carryforwards.
Page 9
Q3 2026 RESULTS PRESENTATION FY 2026 GUIDANCE CONFIRMED 9 (1) NMV growth rates are shown on a constant currency basis using 31 December 2025 closing FX rates. Implied NMV values in Euros combine H1 2026 actual FX with a forecast at 30 June 2026 closing rates. • NMV range maintained ahead of peak season trading – now expected at the lower end reflecting recent performance • Capex and leases slightly lower than 2025 (€13m capex and €18m leases in 2025) • Working capital inflow expected to be higher than 2025 driven by timing effects (€3m in 2025) YTD 2026 FY2026 Guidance As of 13 August 2026 NMV1 (3)% yoy (4)-0% yoy Implies €1,050-1,090m Adj. EBITDA €4m +€11m yoy €18-25m +€9-16m yoy
Page 10
Q3 2026 RESULTS PRESENTATION Q&A 10
Page 11
Q3 2026 RESULTS PRESENTATION APPENDIX 11
Page 12
Q3 2026 RESULTS PRESENTATION FX IMPACT SUMMARY 12 Q3/26 IMPACT AT Q3/25 FX RATES Country (Currency) FX YoY Change NMV (€m) Revenue (€m) Adj. EBITDA (€m) Australia (AUD) 9.5% 11.6 7.8 0.6 Brazil (BRL) 7.8% 4.0 2.4 0.0 Other 4.1% 2.2 1.9 0.2 TOTAL 7.9% 17.8 12.0 0.7 YTD SEP-26 IMPACT AT YTD SEP-25 FX RATES Country (Currency) FX YoY Change NMV (€m) Revenue (€m) Adj. EBITDA (€m) Australia (AUD) 6.1% 21.6 14.6 1.2 Brazil (BRL) 6.2% 10.0 5.8 0.2 Other (1.3)% (2.3) 0.7 0.5 TOTAL 4.2% 29.3 21.1 1.8
Page 13
Q3 2026 RESULTS PRESENTATION SHARE-BASED COMPENSATION GFG SHARES AS AT 30 SEPTEMBER 2026 13 (1) Includes awards from the Long-Term Incentive Plan (formerly 2019 share plan) and the 2024 GFG Share Option Plan for both management and non-management participants. All awards listed (options, RSUs and PSUs) have no exercise price. The legacy 2018 Employee Share Option Plan is excluded as nearly all remaining options have exercise prices significantly above current market value. (2) The Value Creation Plan was implemented in 2025 as a one-time long-term incentive in the form of share options. These options are subject to a mandatory four-year holding period and do not enter the outstanding share count until released. LONG-TERM INCENTIVE PLAN1 Vesting Year # of Awards 2026 150,000 2027 3,772,058 2028 2,709,645 2029 1,199,072 Total Unvested 7,830,775 Vested, Not Issued 2,055,826 Total Awards 9,886,601 SHARE COUNT Issued Share Capital 228,642,912 Treasury Shares (3,097,979) Employee Benefit Trust (“EBT”) (2,119,681) Shares Outstanding 223,425,252 EXECUTIVE VALUE CREATION PLAN2 Exercise Price # of Awards €0.25 675,000 €0.30 210,000 €0.60 1,705,750 €1.00 2,755,125 Total Unvested 5,345,875 Vested, Not Issued 4,099,125 Total Awards 9,445,000 SHARE INFORMATION Type of Share Common shares in dematerialised form with a nominal value of €0.01 Stock Exchange Frankfurt Stock Exchange Market Segment Regulated Market (Prime Standard)
Page 14
Q3 2026 RESULTS PRESENTATION GFG CONVERTIBLE BONDS DUE 2028 AS AT 30 SEPTEMBER 2026 14 (1) As of 30 September 2026, GFG held €20.9m of the repurchased convertible bonds in Treasury. €M REPURCHASES 2022-2025 BONDHOLDER PUT Q1 2026 TOTAL As of Q3 2026 Amount 334.1 31.8 365.9 Outstanding Issue Size1 40.9 9.1 9.1 Weighted Average Purchase Price 79% 100% 81% Process Type 2 tender offers & multiple bilaterals Put right GFG CONVERTIBLE BONDS TERMS Issue Size €375.0m Status Senior Unsecured Issue Date 15 March 2021 Bondholder Put Right 15 March 2026 Maturity 15 March 2028 (7 years) Issuer Call After Year 4 at 130% Trigger Reference Share Price €12.60 Denomination €100,000 / bond (“Principal Amount”) Issue Price 100% of the Principal Amount Redemption Price 100% of the Principal Amount Yield to Maturity 1.25% Coupon 1.25% Conversion Premium 42.5% Conversion Price €17.9550
Page 15
Q3 2026 RESULTS PRESENTATION ACTIVE CUSTOMERS Number of customers who purchased at least one item after cancellations, rejections and returns in the last twelve months ADJUSTED EBITDA EBITDA adjusted for impairment of goodwill and other non-financial assets, share-based payment expenses / (credit), Group recharges and associated taxes, partial reversal of Brazil DIFAL tax liability, one-off payroll costs, changes in estimates for prior-year tax provisions and IFRS 16 lease modifications AVERAGE ORDER VALUE (“AOV”) Net Merchandise Value per Order NET MERCHANDISE VALUE (“NMV”) Value of goods sold including value-added tax (“VAT”) / goods and services tax (“GST”) and delivery fees, after actual or provisioned rejections and returns NORMALISED FREE CASH FLOW (“NFCF”) Represents operating cash flows excluding discontinued operations, exceptional items, changes in factoring principal, FX effects, restricted cash, share buybacks, convertible bond interest and investment income interest & tax ORDERS Number of Orders placed by customers after cancellations, rejections and returns ORDER FREQUENCY Average number of Orders per customer per year (calculated as the last twelve months' orders divided by Active Customers) KPI DEFINITIONS 15
Page 16
Q3 2026 RESULTS PRESENTATION16 DATE EVENT LOCATION 25 November 2026 Deutsche Borse EK-Forum Conference Frankfurt 3 March 2027 FY & Q4 2026 Results Virtual UPCOMING EVENTS
Page 17
Certain statements included in this document are forward-looking statements. Forward-looking statements can typically be identified by the use of words such as “expects”, “may”, “will”, “could”, “should”, “intends”, “plans”, “predicts”, “envisages” or “anticipates” or other words of similar meaning. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Global Fashion Group S.A. (“GFG”) and its group (the “GFG Group”). They are not historical or current facts, nor are they guarantees of future performance. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described in this document. These forward- looking statements speak only as of the date of this announcement. Except as required by any applicable law or regulation, the GFG Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document to reflect any change in the GFG Group’s expectations with regard thereto or any change in events, conditions or circumstances on which any such forward-looking statement is based. Neither GFG nor any other person accepts any responsibility for the accuracy of the opinions expressed in this document or the underlying assumptions. DISCLAIMER 17