Adjusted EBITDA ProfitabilityAchieving group-level adjusted EBITDA profitability after multi-year losses signals structural margin recovery. Sustained positive EBITDA narrows cash burn, improves reinvestment capacity for platform and marketing, and materially reduces refinancing pressure versus prior years.
Inventory & Assortment ResetA deep inventory cut and SKU rationalization reduces working-capital drag and obsolescence risk, improving gross margins and cash conversion durability. This creates a leaner, faster assortment foundation that supports sustainable margin expansion as sales recover.
Stronger Liquidity & Lower LeverageMaterial year-end cash and reduced net debt provide a multi-quarter runway to execute growth and platform investments. Improved leverage lowers refinancing and interest risks, enabling planned bond redemptions and targeted reinvestment without immediate external funding.