Helen Hickman
CFO & Member of the Management Board

Good morning, everyone, and welcome to Global Fashion Group's Q1 2026 Results Presentation.

I'm Helen Hickman, CFO of GFG. Today, I'll provide an overview of our first quarter's performance. Our CEO, Christoph Barchewitz, will then join us for the Q&A session.

In quarter 1, we delivered another strong step forward in our profitability journey. Our adjusted EBITDA margin increased by 3.5 percentage points year-over-year, driven by a combination of gross margin expansion and cost discipline, proving that our focus on healthy order and customer economics is delivering tangible bottom line impact.

On a regional basis, ANZ remained resilient, with growth across all top line metrics, which helped mitigate the group's overall small NMV decline. Our focus on customer quality is delivering clear results, with order frequency over the last 12 months rising to 2.4x, up 1.9% year-over-year. This marks our third consecutive quarter of growth and a turnaround from the past 2 years.

By prioritizing frequent shoppers who drive long-term value, we're building a higher-quality active customer base currently at 7.2 million customers. Our more loyal customer provides a resilient foundation to navigate current pressures on new customer acquisition and volume. Our average order value grew by 5.2% to EUR 61. This growth was mainly driven by inflation and a favorable regional mix, with increased contribution from ANZ's higher average order value. This increase helped mitigate the