GFG released H1 figures that confirm the operational inflection anticipated at the FY25 results, with
the group now delivering profitability across a full half-year rather than a single strong Q4, eNuW.
Q2 group NMV came in at € 263m, down 0.6% yoy (on cc), a clear sequential improvement from Q1's
-3.0%, as a 5.3% higher average order value (€ 68.7) and 1.8% higher order frequency largely
compensated for 5.6% fewer orders and active customers of 7.0m (-5.5% yoy). Management
attributes the AOV increase to reduced discounting, price inflation and a more favourable regional
mix. Q2 sales of € 169m (-2.9% cc, Q1: -4.3%) continued to lag NMV, reflecting the ongoing shift
towards an asset-light marketplace. H1 NMV stood at € 478m (-1.7% cc).
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