GFG reported Q1 group NMV of € 215m, down 3% yoy on constant currency. Sales of € 138m were down 4.3% yoy (cc). While the top line remains soft, broadly in line with our cautious H1 expectations on the back of a muted consumer sentiment in ANZ and Brazil, the margin story is the real takeaway in our view. The group delivered an adjusted EBITDA margin of -3.8% vs. -7.3% in Q1 2025, a 3.5pp improvement driven by cost discipline and a gross margin of 46.5% (+0.5pp). This clearly underpins the company’s positive bottom-line momentum.
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