Improved Profitability: Adjusted EBITDA PositiveAchieving group and regional adjusted EBITDA positivity reflects durable structural cost and margin improvements. Sustained EBITDA converts operational discipline into a clearer path to normalized free cash flow and reinvestment capacity, reducing reliance on external liquidity over the medium term.
Large Inventory And Assortment ResetA 43% inventory cut and assortment rationalization materially lowers markdown risk and working-capital needs. This structural reset supports higher gross margins, steadier cash conversion and fewer inventory write-offs, enabling more efficient funding of growth as NMV recovers without recurring margin dilution.
Platform Shift: Marketplace And Services Share GrowthGrowing marketplace and platform services increases asset-light, higher-margin revenue and reduces inventory exposure. A larger partner ecosystem and Fulfilled-by rollout scale gross merchandise volume efficiently, improving long-term margin sustainability and lowering capital intensity of periodic growth phases.