Global Fashion Group SA published the transcript of its Q4 and full-year 2025 results earnings call held on 4 March 2026. The call was led by CEO Christoph Barchewitz and CFO Helen Hickman, with Head of Investor Relations and Communications Saori McKinnon, and included analysts Anne Critchlow (Berenberg) and Russell Pointon (Edison Group). Management said the company’s multi-year reset has improved profitability and cash flow despite softer demand and FX headwinds, delivering positive adjusted EBITDA at group level and across all three regions in 2025. “We delivered a positive adjusted EBITDA for all three regions and the group in 2025,” Barchewitz said, highlighting ANZ as the “profitable growth engine” with 6% NMV growth (constant currency) and EUR26 million adjusted EBITDA, while LATAM returned to growth and reached EUR3 million adjusted EBITDA. SEA remained in decline (NMV down 15% in 2025) but stayed profitable with EUR3 million adjusted EBITDA, supported by marketplace and platform services. Hickman noted early-2026 trading has been softer than Q4, citing weaker sentiment in Australia and Brazil and seasonal timing effects. “We have seen some softer trading in January and February compared to where we were in Q4,” she said. On margins, she said the company still expects expansion in 2026, though “probably slightly lighter than the full year that we saw in 2025,” driven by a higher mix of Marketplace and Platform Services and tighter retail assortment. The company guided 2026 NMV growth of minus 4% to plus 4% (constant currency) and adjusted EBITDA of EUR15 million to EUR25 million, and announced a EUR3 million share buyback. Barchewitz also addressed AI, saying, “We generally believe that we are an AI winner and not an AI loser,” while emphasizing the importance of fashion discovery and the physical delivery and returns experience. The full transcript can be accessed through the link below.

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