Slide 1: Zalando Q2 Earnings Call
Q4 Zalando Q4/25 Zalando Q2 Earnings call Earnings Call 12 March 2026 Speaker: Speakers: David Schröder, Co-CEO and interim CFO Robert Gentz, Co-CEO Anna Dimitrova, CFO 4 August 2026
Slide 2: Executive Summary
Zalando Q2/26 Executive Summary 01 H1 performance: solid growth and increase in profitability GMV growth of 21.0% and revenue growth of 22.2%, increased adjusted EBIT year-on-year to 270m EUR 02 AI: Advancing our AI capabilities to bring further traction to both our B2C and B2B business Driving mome
Slide 3: Business highlights
Zalando Q2/26 Business highlights Billions of customer interactions give us the ultimate AI advantage, advantage driving growth and efficiency Growth Efficiency + Personalised shopping Operational excellence Retail media Faster decision making Value added services Cost & resource savings 3
Slide 4: SCAYLE launched AI-powered fashion and lifestyle content studio
Zalando Q2/26 Business highlights SCAYLE launched AI-powered fashion and lifestyle content studio translating our AI capabilities into scalable revenue streams Securing first clients with SCAYLE STUDIOS - SCAYLE’s AI-powered content engine for fashion and lifestyle Time to market reduction Cost redu
Slide 5: Transforming Zalando Assistant into a personal lifestyle companion
Zalando Q2/26 Business highlights Transforming our AI-powered Zalando Assistant into a personal lifestyle companion that meaningfully supports the core Zalando customer journey Weekly roll-out of new capabilities… ...boosts user engagement for Zalando Assistant # high-value actions1 +63% Web search
Slide 6: In B2C, we are doubling down on our lifestyle opportunity
Zalando Q2/26 Business highlights In B2C, we are doubling down on our lifestyle opportunity to increase our share of customer wallet Upgrading customer journeys in Sports Bringing Pre-owned luxury fashion to Launching dedicated millions of Zalando customers Home & Living category Jersey 25,000+ Home
Slide 7: Winning major enterprise clients and go-lives at ZEOS and SCAYLE
Zalando Q2/26 Business highlights Driving growth by winning major enterprise clients and achieving successful go-lives at ZEOS and SCAYLE Services Fulfilment Major X Software go-lives & extensions X own.com Logistics ZEOS Fulfilment Key wins X B2B Operating System 7
Slide 8: Group: Q2 with solid pro-forma GMV growth and increase in adjusted EBIT
Zalando Q2/26 Group performance Group: Q2 with solid pro-forma GMV growth and increase in reported adjusted EBIT Group GMV1 Group revenue Group adjusted3 EBIT (in m EUR) (in m EUR) (in m EUR, margin in % of revenue) +4.4% +1.1% 6.5% 6.0% GMV & revenue Pro-forma2 year-on-year growth Pro-forma2 year-o
Slide 9: B2C: GMV growth driven by ABOUT YOU, Lounge and partner business
Zalando Q2/26 B2C Segment GMV & revenue B2C: GMV growth driven by ABOUT YOU, Lounge by Zalando and an acceleration in partner business B2C GMV1 Partner business B2C GMV & revenue • ABOUT YOU and Lounge by Zalando with GMV growth (in m EUR) +20.7% (GMV in % of B2C GMV ) 1 above group level • Particul
Slide 10: B2C: Active customer growth driven by ABOUT YOU inclusion
Zalando Q2/26 B2C customer metrics B2C: Active customer growth primarily driven by inclusion of ABOUT YOU, increase in spending from higher average basket size Active customers Average orders +0.1% Active customers (L12M1 in millions) per active customer • Growth primarily driven by inclusion of ABO
Slide 11: B2C: Profitability impacted by inclusion of ABOUT YOU's commerce business
Zalando Q2/26 B2C segment gross margin & adjusted EBIT B2C: Profitability impacted by inclusion of ABOUT YOU’s commerce business B2C gross margin • Zalando's B2C gross margin up +0.5pp, driven by the B2C gross margin B2C adjusted1 EBIT2 strong growth of our partner and retail media businesses, (as %
Slide 12: B2B: Accelerated double-digit revenue growth, strong profitability increase
Zalando Q2/26 B2B segment B2B: Accelerated double-digit revenue growth translated into strong profitability increase B2B revenue1 B2B gross margin B2B adjusted3 EBIT B2B revenue (in m EUR) (in % of revenue) (in m EUR, margin in % of revenue) • Primary driver of B2B growth was ZEOS Fulfilment, which
Slide 13: Group adjusted EBIT margin impacted by ABOUT YOU inclusion
Zalando Q2/26 Group P&L Group adjusted EBIT margin impacted by ABOUT YOU inclusion Costs and margins1 (as % of revenue) Q2/25 Q2/26 YoY Δ YoY Δ excl. adjustments2 Gross margin Gross margin 40.8% 40.9% 0.0pp 0.1pp • Gross margin remained stable. This reflects the 0.5pp increase in Zalando B2C gross m
Slide 14: Net working capital position driven by ABOUT YOU inclusion
Zalando Q2/26 Net working capital Net working capital position driven by ABOUT YOU inclusion Net working capital (m EUR) Q2/25 Q2/26 YoY Δ Inventories • Inventory excluding ABOUT YOU increased 3.9%, broadly similar to Q1 Inventories 1,659 2,070 +24.8% ‘+3.9% • Aligned our buying plans in retail with
Slide 15: Solid cash position of ~1.4 billion EUR
Zalando Q2/26 Cash position Solid cash position of ~1.4 billion EUR Operating cash flow Cash & cash equivalents • Increase in operating cash flow, mainly (in m EUR) characterised by the increase of trade payables on the back of a growing partner business 473 Capex • Increase due to investments in ra
Slide 16: Refining FY 2026 topline guidance and narrowing adjusted EBIT range
Zalando Q2/26 Outlook Refining our topline guidance for FY 2026 to the lower half and narrowing adjusted EBIT range Guidance 20261 H1/26 results Growth GMV2 Lower half of 19.7 – 20.6 9.2 Pro-forma4: GMV and revenue growth in (in bn EUR) the lower half of the previously Lower half of +12 – 17% YoY +2
Slide 17: Key takeaways
Zalando Q2/26 Key takeaways 01 H1 performance: solid growth and increase in profitability GMV growth of 21.0% and revenue growth of 22.2%, increased adjusted EBIT year-on-year to 270m EUR 02 AI: Advancing our AI capabilities to bring further traction to both our B2C and B2B business Driving momentum
Slide 18: Zalando Q2/26 Q&A
Zalando Q2/26 zalando
Slide 19: Appendix
Zalando Q2/26 Appendix 19 19
Slide 20: Financial performance Q2 and H1: Group
Zalando Q2/26 Financial performance Q2 and H1: Group Group GMV1 Group revenue Group adjusted3 EBIT (in m EUR) (in m EUR) (in m EUR, margin in % of revenue) +4.4% +1.1% 6.5% 6.0% Pro-forma2 year-on-year growth Pro-forma2 year-on-year growth aEBIT margin aEBIT margin +20.7% +20.8% 4,915 +10.4% 4,073 3
Slide 21: Financial performance Q2 and H1: B2C
Zalando Q2/26 Financial performance Q2 and H1: B2C B2C GMV1 B2C revenue B2C adjusted3 EBIT4 (in m EUR) (in m EUR) (in m EUR, margin in % of revenue) +4.4% (0.6)% 6.7% 5.3% Pro-forma2 year-on-year growth Pro-forma2 year-on-year growth aEBIT margin aEBIT margin +20.7% +20.3% 4,915 (5.5)% 4,073 3,099 2
Slide 22: Financial performance Q2 and H1: B2B
Zalando Q2/26 Financial performance Q2 and H1: B2B B2B revenue1 B2B adjusted3 EBIT (in m EUR) (in m EUR, margin in % of revenue) +21.1% 4.3% 12.2% Pro-forma2 year-on-year growth aEBIT margin aEBIT margin +27.6% +257.7% 335 262 41 Q2 11 +18.9% 3.4% 10.5% Pro-forma2 year-on-year growth aEBIT margin aE
Slide 23: P&L Q2 and H1: group
Zalando Q2/26 P&L Q2 and H1: group Costs and margins1 (as % of revenue) H1/25 H1/26 YoY Δ YoY Δ Q2/25 Q2/26 YoY Δ YoY Δ excl. adjustments2 excl. adjustments2 Gross margin 40.0% 40.0% 0.0pp 0.0pp 40.8% 40.9% 0.0pp 0.1pp OPEX (36.9)% (39.5)% (2.7)pp (0.2)pp (35.7)% (37.6)% (1.9)pp (0.6)pp Fulfilment c
Slide 24: EBIT adjustments Q2 and H1
Zalando Q2/26 EBIT adjustments Q2 and H1 In m EUR Q2/25 Q2/26 Change H1/25 H1/26 Change EBIT 145.2 111.1 (34.1) 166.6 31.4 (135.2) Share-based compensation 20.5 27.9 +7.4 41.2 56.0 +14.8 Acquisition related expenses2 4.9 33.1 +28.2 9.5 52.8 +43.3 Other one-time effects 0.0 (9.4) (9.4) 0.0 (9.4) (9.4
Slide 25: Issued share capital
Zalando Q2/26 Share information Issued share capital Share information Type of shares Ordinary bearer shares with no-par value (Stückaktien) (as of 30 June 2026) Stock exchange Frankfurt Stock Exchange Market segment Regulated Market (Prime Standard) Index listings DAX Total number of shares outstan
Slide 26: Zalando Investor Relations team
Zalando Q2/26 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 27: Disclaimer
Zalando Q2/26 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