Helen Hickman
CFO & Member of the Management Board
Good morning, everyone, and welcome to Global Fashion Group’s Q3 2025 Results Presentation. I’m Helen Hickman, CFO of GFG, and I’m here today with our CEO, Christoph Barchewitz, who will join us for Q&A. Today, I’ll provide an overview of our third quarter results and full year guidance. After that, we’ll open it up for questions.
Starting with a summary of our Q3 performance. Our NMV was broadly stable year-on-year with 0.4% decrease on a constant currency basis. Our gross margin improved by 1.3 percentage points year-over-year to reach 46.1%. Our adjusted EBITDA margin benefited from the gross margin expansion and disciplined cost management to deliver a strong 4.4 percentage point improvement year-over-year to a positive 1.6%. This marks our first positive adjusted EBITDA on a last 12-month basis for our current footprint.
Let’s take a closer look at our group KPIs. For over a year now, we gradually slowed the rate of active customer decline each quarter. In Q3, active customers declined 2.3% year-over-year to 7.4 million, driven by fewer churn customers in all regions. Order frequency increased 0.4% year-over-year to 2.3x, marking the first increase since Q1 ’23. In Q3, we generated EUR 239 million of NMV, which is broadly flat from last year on a constant currency basis. The group’s marketplace participation increased 2 percentage points to 39%, supported by ANZ’s fulfilled by offering. Average order value rose by 1%, primarily due to price inflation, which was partially offset by reduced items
