#1

FASHION &
LIFESTYLE
DESTINATION IN
LATAM, SEA & ANZ

COMPANY
PRESENTATION
September 2023
WHO WE ARE

2 COMPANY PRESENTATION: SEPTEMBER 2023

ESTABLISHED LEADING POSITIONS ACROSS OUR MARKETS

GROUP LATAM SEA ANZ NMV GROWTH & MARKETPLACE EXPANSION

NMV (€M)
FY22 +49%1
1,615
NMV (€M) 1,615 556 412 646 1,178

ADJ. EBITDA MARGIN (3.7)% (5.8)% 0.7% 2.4% 2019 2022

MARKETPLACE SHARE OF NMV
+15 ppt
ORDERS (M) 27.9 12.6 8.7 6.7
34%
19%

ACTIVE CUSTOMERS (M) 11.2 6.2 2.9 2.1

2019 2022

(1) Constant currency growth rate. Bars are a graphical representation of values on a constant currency basis.

3 COMPANY PRESENTATION: SEPTEMBER 2023

WE ARE THE ONLY LOCAL MULTI-BRAND FASHION ECOMMERCE
PLATFORM OF SCALE IN OUR MARKETS
FASHION FOCUS

Fashion Brands
Adidas H&M Nike Gap
Uniqlo SHEIN Zara

Department Stores
David Jones Myer

OFFLINE Lojas Renner Riachuelo ONLINE

Robinsons SM Store

General Merchandisers
Amazon Lazada

Mercado Libre Shopee

GENERAL MERCHANDISE

4 COMPANY PRESENTATION: SEPTEMBER 2023

MULTIPLE OPPORTUNITIES WHILE OUR REGIONS ARE AT DIFFERENT
STAGES OF THEIR GROWTH
LATAM SEA ANZ
2022
FASHION & LIFESTYLE MARKET SIZE
TOTAL ONLINE ~€100bn ~€8bn ~€100bn ~€15bn ~€40bn ~€10bn

TOTAL POPULATION 330m 460m 30m

TARGET POPULATION1 ~70m ~90m ~20m

(% of total) ~20% ~20% ~80%

ACTIVE CUSTOMERS 6m 3m 2m
(% of target) 9% 3% 10%

THE OPPORTUNITY LARGE market that is moving online HIGH fashion spend per capita
.
(1) Share of population based on target income levels. Company estimates based on World Bank income segmentation data.

5 COMPANY PRESENTATION: SEPTEMBER 2023

ONLINE ADOPTION WILL CONTINUE TO DRIVE LONG-TERM GROWTH
Long-term

SUBSTANTIAL OPPORTUNITY TO GROW ONLINE ~50% OUR MARKETS HAVE VARYING DISPOSABLE INCOME LEVELS
FASHION & LIFESTYLE ONLINE PENETRATION ANNUAL PER CAPITA FASHION & LIFESTYLE SPEND
Weighted to GFG’s 2022 NMV By Country

~30%
LATE MARKET GROWTH OPPORTUNITY WALLET SHARE OPPORTUNITY
27%
ANZ
ACCELERATION

~€1,200 ~€1,200

16%
18% SEA
8%
6% LATAM ~€300
~€200
4%
EARLY
2019 2022 LATAM SEA ANZ Western Europe

6 COMPANY PRESENTATION: SEPTEMBER 2023

WE OFFER A BROAD AND RELEVANT ASSORTMENT

APPAREL FOOTWEAR SPORT ACCESSORIES OTHER

37% 14% 26% 12% 11%

10,000+ FASHION & LIFESTYLE OWN BRANDS EXCLUSIVE BROAD SEGMENTS

global and local brands categories enrich the assortment offerings mainstream to premium

Note: Category splits based on FY2022 NMV share, excluding VAT / GST and delivery fees.

7 COMPANY PRESENTATION: SEPTEMBER 2023

WE PARTNER WITH THE TOP GLOBAL & LOCAL BRANDS WHO
EMBRACE OUR HYBRID MODELS
TOP 30 BRANDS / BRAND GROUPS BY NMV 2022 CORNERSTONE OF OUR
BRAND PORTFOLIO
TOP 30 BRANDS / BRAND
GROUPS BY NMV IN 20221

39%
of Group NMV

83%
of brands on both
Retail and Marketplace

93%
of brands use
Platform Services2

(1) Excluding own brand.

(2) Using at least one service in at least one of GFG’s markets.

8 COMPANY PRESENTATION: SEPTEMBER 2023

FLEXIBLE BUSINESS MODELS TAILORED TO BRANDS’ NEEDS

66% NMV 34% NMV MARKETPLACE

Brand retains ownership of stock
RETAIL
FULFILLED BY CROSS-DOCKING DROP SHIPMENT
GFG holds stock and fulfils orders Brand holds stock; GFG collects & Brand holds, packs and delivers to
consolidates for last mile delivery customer

customer order customer order customer order

B B
GFG holds stock Brand holds stock Brand holds stock

GFG delivers GFG delivers B Brand delivers

customer customer customer

PLATFORM SERVICES: OPERATIONS, MARKETING AND DATA BY GFG

9 COMPANY PRESENTATION: SEPTEMBER 2023

GROWING PLATFORM SERVICES OFFERING TO DRIVE STRONGER
BRAND RELATIONSHIPS
MARKETPLACE BRAND.COM BENEFITS

PLATFORM SERVICES • Increase stickiness

of our Global
Fashion Platform,
for brands and
customers

OPERATIONS BY GFG MARKETING BY GFG DATA BY GFG • Create incremental

revenue streams
• Margin enhancing
for both brands
and GFG
END-TO-END FULFILMENT SERVICES BESPOKE 360⁰ MARKETING SERVICES DATA-RICH, ACTIONABLE INSIGHTS • Allows brands to
• Multi-channel Fulfilment • Onsite Marketing • Competitive Benchmarks focus on their core
• Logistics Services • Performance Marketing • Inventory Analytics competencies
• Production Services • CRM • Customer Data
• E-store Management • Offline Events • Live Dashboards
• Customer Service • Social Media • Product Insights

10 COMPANY PRESENTATION: SEPTEMBER 2023

WELL-INVESTED INFRASTRUCTURE

LATAM SEA FAST DELIVERY AT LARGE SCALE

4 FULFILMENT CENTRES 3 FULFILMENT CENTRES Elevates customer experience
Brazil Chile Colombia Argentina Malaysia Indonesia Philippines

ANZ STREAMLINED FULFILMENT PROCESS

1 FULFILMENT CENTRE Attracts brand partners to leverage
Australia Operations by GFG

27m+ ~€2.5bn 50m+

Total Item Storage Capacity NMV Capacity of Current Footprint Items Shipped1
(1) Items shipped in 2022; includes Retail and Marketplace items from Fulfilled by GFG or cross-docking models.

11 COMPANY PRESENTATION: SEPTEMBER 2023

H1/23 RESULTS

12 COMPANY PRESENTATION: SEPTEMBER 2023

2023 FOCUS ON COST ACTIONS WHILST MARKETS ARE UNCERTAIN

MARKETS ENTERING 2023 GFG INITIATIVES IN PLACE

UNCERTAIN MACRO
CAREFUL MANAGEMENT OF INVENTORY LEVELS

INFLATIONARY ENVIRONMENT DRIVE MARKETPLACE & PLATFORM SERVICES

LOWER CONSUMER SENTIMENT RESTRICT CAPITAL INVESTMENT AND OVERHEADS

DISCIPLINED CUSTOMER ACQUISTION

ONLINE PENETRATION PLATEAU

IMPROVE PROFITABILITY IN LOW GROWTH ENVIRONMENT

13 COMPANY PRESENTATION: SEPTEMBER 2023

WEAKER DEMAND IN H1 IMPACTED VOLUMES AND PROFITABILITY

€649.9m 41.6% (9.5)%

NMV GROSS PROFIT MARGIN ADJ. EBITDA MARGIN
(11.2)% yoy1 (1.5)ppt yoy (5.5)ppt yoy

10.1m 10.5m 2.4

ACTIVE CUSTOMERS ORDERS ORDER FREQUENCY
(19.0)% yoy (24.0)% yoy (1.2)% yoy

(1) Constant currency growth rate.

14 COMPANY PRESENTATION: SEPTEMBER 2023

EXECUTING OUR STRATEGY IN A CHALLENGING MACRO
ENVIRONMENT ACROSS OUR MARKETS Change on H1/221

H1/23 NMV (€M) H1/23 ACTIVE CUSTOMERS2 (M)

260.0 5.4
217.3
172.6
2.6
2.1

(16.8)% (12.2)% (5.2)% (23.7)% (22.0)% 1.7%

LATAM SEA ANZ LATAM SEA ANZ

H1/23 REVENUE (€M) H1/23 GROSS MARGIN (%)

184.1
44.0% 40.8% 40.8%
128.0
111.3

(20.5)% (17.9)% (8.5)% (1.1)ppt 3.6ppt (4.9)ppt

LATAM SEA ANZ LATAM SEA ANZ

(1) NMV and Revenue changes are at constant currency growth rates.
(2) Active Customers is a rolling 12-month KPI.

15 COMPANY PRESENTATION: SEPTEMBER 2023

OUR PROGRESS AS A PLATFORM BUSINESS

MARKETPLACE FULFILLED BY GFG & CROSS-DOCKING PLATFORM SERVICES

SHARE OF NMV SHARE OF MARKETPLACE SHIPPED ITEMS SHARE OF REVENUE

+4ppts +4ppts +1.4ppts

39%
35% 38% 4%
34%

2%

H1/22 H1/23 H1/22 H1/23 H1/22 H1/23

16 COMPANY PRESENTATION: SEPTEMBER 2023

CAREFUL MANAGEMENT OF INVENTORY WITH H1 IMPACTED BY
LOWER DEMAND
INVENTORY, TOTAL NET OF PROVISIONS
(€M)
(33)% yoy1
€212m
€187m
€171m
€135m

Dec-21 Jun-22 Dec-22 Jun-23

Aged Inventory (>180 days) as a % of Gross Inventory

17% 22% 23% 26%

(1) Constant currency growth rate.

17 COMPANY PRESENTATION: SEPTEMBER 2023

APPLYING EFFICIENCY MEASURES TO ADDRESS CURRENT
COST DELEVERAGE

COSTS % OF NMV1 H1/19 H1/20 H1/21 H1/22 H1/23 19-23

FULFILMENT 17.0% 15.6% 15.6% 16.0% 16.1% (0.9)ppt

MARKETING 8.0% 6.8% 8.0% 6.9% 6.5% (1.5)ppt

TECH & ADMIN 13.5% 12.9% 10.7% 12.2% 14.7% 1.2ppt

NMV GROWTH YOY2 23.8% 11.0% 36.9% 2.2% (11.2)% 38.8%

(1) Excludes recurring and non-recurring costs including but not limited to share based payment charges, one off payroll and continuity incentives and one-off costs. Adjusted to exclude CIS business divested in 2022.
(2) Constant currency growth rate.

18 COMPANY PRESENTATION: SEPTEMBER 2023

FURTHER STRENGTH IN LIQUIDITY POSITION WITH AUGUST
CONVERTIBLE BOND REPURCHASES
(€M) H1/22 H1/23 PRO-FORMA CASH BALANCE
Adj. EBITDA (20.9) (40.1) (€M)

FUNDING Cash Lease Costs (9.8) (9.9)

562
OPERATIONS Working Capital (26.4) (1.9) (73)
467
TOTAL (57.1) (51.9) (22) (74) 392

Tech Capex (15.7) (11.5)

CAPEX PP&E Capex (5.9) (2.7)

TOTAL (21.6) (14.2)

€200m
PRO-FORMA
NET CASH
Other1 (7.2) (6.5)
PF Cash Normalised Other 3 PF Cash Repurchase PF Cash
NORMALISED FREE CASH FLOW (85.9) (72.6)
Dec-22 FCF Jun-23 of Convertible
Bonds
Post
Repurchase
excludes non-operating cash flows2

(1) Includes operating tax and interest cash flows.

(2) Cash flow before FX retranslation, factoring cash flows, change in provisions, change in restricted cash, external funding, interest income, convertible bond coupon payments, exceptional items and fair value movement on investment funds.
(3) Includes exceptional cash flows outside the ordinary course of business, changes in restricted cash, non-operational interest received, principal factoring repayments and net repayment of borrowings.

19 COMPANY PRESENTATION: SEPTEMBER 2023

UPDATED FY2023 GUIDANCE REFLECTS GREATER DISCOUNTING AND
FIXED COST DELEVERAGE DESPITE COST ACTIONS

NMV REVENUE ADJ. EBITDA CAPEX

(15)-(10)% c.€0.9bn (8)-(6)% c.€30m
c.€1.3-1.4bn

LONGER TERM ADJ. EBITDA BREAKEVEN 2024

AMBITIONS: NORMALISED FREE CASH FLOW POSITIVE AT NMV OF €2.2 to 2.5bn
Note: At 30 June 2023 closing exchange rates.

20 COMPANY PRESENTATION: SEPTEMBER 2023

Q&A

21 COMPANY PRESENTATION: SEPTEMBER 2023

DISCLAIMER 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.

22 COMPANY PRESENTATION: SEPTEMBER 2023