Zalando Se · XETR:ZAL
Zalando — Zalando Se Ord — Q3 2025 Earnings Presentation
24 slides from Zalando's earnings presentation, Nov 6, 2025
Slide 1: Zalando Q3/25 Earnings call
Q3 Zalando Q3/25 Earnings call 6 November 2025 Speaker: David Schröder, Co-CEO and interim CFO
Slide 2: Executive Summary
Zalando Q3/25 Executive Summary 01 Performance: Strong pro-forma1 Q3 growth and profitability Pro-forma GMV growth of 6.7% and revenue growth of 7.5%. Improved Q3 profitability of 96m EUR adjusted EBIT including ABOUT YOU. 02 B2C: Expanding into lifestyle by doubling down on our sports opportunity D
Slide 3: Expanding into lifestyle by doubling down on our sports opportunity
Zalando Q3/25 Expanding into lifestyle by doubling down on our sports opportunity Running Outdoor Training 3 Football Main partner of German Football Key marathon sponsorships and Federation (DFB) dedicated marketing activations 3
Slide 4: Driving growth through successful go-lives and key enterprise client wins at ZEOS and SCAYLE
Zalando Q3/25 Driving growth through successful go-lives and key enterprise client wins at ZEOS and SCAYLE Fulfilment Services Major go-lives & Software extensions Logistics ZEOS Fulfilment Key wins 4
Slide 5: Group performance: Q3 with continued strong pro-forma growth
Zalando Q3/25 Group performance Q3 with continued strong pro-forma growth and increase in reported adjusted EBIT, margin impacted by ABOUT YOU consolidation Group GMV1 Group revenue Group adjusted2 EBIT (in m EUR) (in m EUR) (in m EUR, adj. EBIT margin in % of revenue) 21.6% 26.5% (0.7)pp Pro- Pro-
Slide 6: B2C Segment
Zalando Q3/25 B2C Segment Growth in B2C segment driven by ABOUT YOU inclusion, strategic growth investments and a successful start into the autumn / winter season B2C GMV1 B2C revenue B2C adjusted2 EBIT3 (in m EUR) (in m EUR) (in m EUR, adj. EBIT margin in % of revenue) 21.6% 27.9% (1.2)pp 4.0% 2.8%
Slide 7: B2C customer metrics: combined customer base of over 60 million
Zalando Q3/25 B2C customer metrics With our combined customer base of over 60 million active customers, we are a leading multi-brand fashion & lifestyle group in Europe Unmatched scale in Europe Combined customer base (Q3) (Active customers L12M1 in millions) (Active customers L12M in millions) Join
Slide 8: Active customer growth primarily driven by inclusion of ABOUT YOU
Zalando Q3/25 B2C customer metrics Active customer growth primarily driven by inclusion of ABOUT YOU, GMV per active customer stable Active customers Average orders (1.6)% (L12M1 in millions) per active customer (L12M1 in #) 21.9% 4.9 4.8 Average basket size 1.3% 61.4 after returns2 50.3 (L12M1 in E
Slide 9: B2B Segment
Zalando Q3/25 B2B Segment B2B segment with continued double digit growth and increased profitability driven by ZEOS Fulfilment and inclusion of SCAYLE B2B revenue1 B2B adjusted2 EBIT (in m EUR) (in m EUR, adj. EBIT margin in % of revenue) 15.6% 4.3pp 2.8% 7.1% 277 9MQ3 Q3 240 20 7 2024 2025 2024 202
Slide 10: Group P&L
Zalando Q3/25 Group P&L Group cost lines and adjusted EBIT margin impacted by inclusion of ABOUT YOU Costs and margin 9M/24 9M/25 YoY Δ Q3/24 Q3/25 YoY Δ (in % of revenue) Gross profit 40.3% 39.9% (0.4)pp 40.7% 39.6% (1.1)pp Fulfilment costs (23.4)% (23.6)% (0.2)pp (23.8)% (24.3)% (0.6)pp Marketing
Slide 11: Group gross margin
Zalando Q3/25 Group gross margin Q3 gross profit impacted by Zalando B2C and inclusion of ABOUT YOU B2C business - mid-term gross margin ambition around 40% remains 40.7 % 0.2 pp 39.6% (0.7)pp (0.6)pp Q3/24 Gross profit Zalando B2C ABOUT YOU B2C B2B Q3/25 Gross profit 11
Slide 12: Net working capital
Zalando Q3/25 Net working capital Net working capital position driven by ABOUT YOU inclusion Net working capital (end of Q3, in m EUR) m EUR Q3/24 Q3/25 YoY Δ Inventories 1,894 2,523 33.2% Trade receivables 934 982 5.1% (246) (141) Trade payables 3,074 3,646 18.6% Net working (246) (141) capital Q3/
Slide 13: Cash position
Zalando Q3/25 Cash position Comfortable cash position of 1.3 billion EUR after pay down of convertible bond tranche and consideration transferred for ABOUT YOU acquisition In m EUR Predominantly pay down of Free cash flow (806.4)m EUR3 convertible bond with a remaining notional of 400m EUR 245 2,588
Slide 14: Outlook
Zalando Q3/25 Outlook Confirming our combined guidance for FY 2025 including ABOUT YOU on the back of 9M performance Including ABOUT YOU as of July 11 Guidance 2025 9M/25 results Growth 17.2 – 17.6 11.8 GMV 12 – 15% 11.4% (in bn EUR) Pro-forma1: 4 – 7% Pro-forma1: 6.6% Revenue3 12.1 – 12.4 8.3 14 –
Slide 15: Q&A
Zalando Q3/25 Q&A 15 15
Slide 16: Key takeaways
Zalando Q3/25 Key takeaways 01 Performance: Strong pro-forma1 Q3 growth and profitability Pro-forma GMV growth of 6.7% and revenue growth of 7.5%. Improved Q3 profitability of 96m EUR adjusted EBIT including ABOUT YOU. 02 B2C: Expanding into lifestyle by doubling down on our sports opportunity Drivi
Slide 17: Appendix
Zalando Q3/25 Appendix 17 17
Slide 18: Group performance 9M
Zalando Q3/25 Group performance 9M 9M with continued strong pro-forma growth and improved profitability Group GMV1 Group revenue Group adjusted2 EBIT (in m EUR) (in m EUR) (in m EUR, adj. EBIT margin in % of revenue) 11.4% 13.8% (0.1)pp Pro- Pro- forma3: forma3: 4.0% 4.0% 6.6% 7.5% Q3 11,821 10,610
Slide 19: B2C Segment 9M
Zalando Q3/25 B2C Segment 9M Growth in B2C driven by ABOUT YOU inclusion, strategic growth investments and successful commercial events B2C GMV1 B2C revenue and gross margin B2C adjusted2 EBIT3 (in m EUR) (in m EUR, gross margin in % of revenue) (in m EUR, adj. EBIT margin in % of revenue) 11.4% 13.
Slide 20: B2B Segment 9M
Zalando Q3/25 B2B Segment 9M B2B segment with continued double digit growth and increased profitability driven by ZEOS Fulfilment and inclusion of SCAYLE B2B revenue1 and gross margin B2B adjusted2 EBIT (in m EUR, gross margin in % of revenue) (in m EUR, adj. EBIT margin in % of revenue) 13.2% 1.9pp
Slide 21: B2C customer metrics: Q3 overview
Zalando Q3/25 B2C customer metrics Overview Q3 customer metrics Zalando, ABOUT YOU and Zalando group Active customers Average orders (L12M1 in millions) per active customer (L12M1 in #) 4.8 4.8 2.9 61.4 Average basket size 53.3 after returns2 (L12M1 in EUR) 62.1 59.7 61.8 GMV per active customer3 (L
Slide 22: Issued share capital
Zalando Q3/25 Share information Issued share capital Share information Type of shares Ordinary bearer shares with no-par value (Stückaktien) (as of 30 September 2025) Stock exchange Frankfurt Stock Exchange Market segment Regulated Market (Prime Standard) Index listings DAX Total number of shares ou
Slide 23: Zalando Investor Relations team
Zalando Q3/25 Investor Relations Zalando Investor Relations team Patrick Kofler Dorothee Schultz Andrea Frese Director of IR Senior Manager ESG IR Senior Manager IR Patrick.Kofler@zalando.de Dorothee.Schultz@zalando.de Andrea.Frese@zalando.de Team contact T: +49 3020 9681 584 Zalando SE Valeska-Gert
Slide 24: Disclaimer
Zalando Q3/25 Disclaimer Certain statements in this communication may constitute forward looking statements. These statements are based on assumptions that are believed to be reasonable at the time they are made, and are subject to significant risks and uncertainties. You should not rely on these fo