Zalando Se · XETR:ZAL
Zalando — Zalando Se Ord — Q1 2026 Earnings Presentation
20 slides from Zalando's earnings presentation, May 6, 2026
Slide 1: Zalando Q1 Earnings Call
Q4 Zalando Q4/25 Zalando Q1 Earnings call Earnings Call 12 March 2026 Speaker: Speakers: David Schröder, Co-CEO and interim CFO Robert Gentz, Co-CEO Anna Dimitrova, CFO 6 May 2026
Slide 2: Executive Summary
Zalando Q1/26 Executive Summary 01 Q1 performance: Strong start to the year GMV growth of +21.7% and revenue growth of +23.8%. Adjusted EBIT increased year-on-year to 65m EUR 02 AI: Continued strong traction on AI across our business Leveraging our unique fashion and lifestyle data, AI is delivering
Slide 3: Business highlights
Zalando Q1/26 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: Strong traction on AI across our business
Zalando Q1/26 Business highlights We continue to see strong traction on AI across our business Supporting personalised Sports- and Scaling AI-powered robots for Boosting partner article onboarding Beauty-advice through our Zalando efficiency gains in logistics for improved variety and availability A
Slide 5: Group performance
Zalando Q1/26 Group performance Group: Q1 with continued strong pro-forma 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) GMV & revenue • Reported: Increase primarily due to inclusion of ABOUT +6.0%
Slide 6: B2C Segment GMV & revenue
Zalando Q1/26 B2C Segment GMV & revenue B2C: Growth driven by ABOUT YOU, Lounge by Zalando, partner business and retail media B2C GMV1 Partner business B2C GMV & revenue (in m EUR) (GMV in % of B2C GMV1) • Strong pro-forma growth across all three consumer apps +21.7% with ABOUT YOU and Lounge by Zal
Slide 7: B2C customer metrics
Zalando Q1/26 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 (0.2)% Active customers (L12M1 in millions) per active customer • Growth primarily driven by inclusion of AB
Slide 8: B2C segment gross margin & adjusted EBIT
Zalando Q1/26 B2C segment gross margin & adjusted EBIT B2C: Profitability impacted by inclusion of ABOUT YOU’s commerce business B2C gross margin B2C adjusted1 EBIT2 B2C gross margin (as % of revenue) (in m EUR, margin in % of revenue) • Inclusion of ABOUT YOU temporarily diluting gross margin as in
Slide 9: B2B segment
Zalando Q1/26 B2B segment B2B: 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 Fulfillment, which includes bo
Slide 10: Group P&L
Zalando Q1/26 Group P&L Improved group adjusted EBIT margin despite ABOUT YOU inclusion, EBIT impacted by one-off exit costs related to closure of Erfurt logistic site Costs and margins1 (as % of revenue) Gross margin Q1/25 Q1/26 YoY Δ YoY Δ • Gross margin remained stable. This reflects excl. adjust
Slide 11: Net working capital
Zalando Q1/26 Net working capital Net working capital position driven by ABOUT YOU inclusion Net working capital (m EUR) Significant slow down vs. 12.2% in Q4/25 Q1/25 Q1/26 YoY Δ Inventories • Zalando stand-alone inventory grew at a more moderate rate compared to the prior quarter Inventories 1,911
Slide 12: Cash position
Zalando Q1/26 Cash position Solid cash position of ~1.3 billion EUR Operating cash flow Cash & cash equivalents • Seasonal net working capital changes as we (in m EUR) received inventory for spring/summer season Impacted by settlement of • Impacted by timing effect of net working high-volume partner
Slide 13: Outlook
Zalando Q1/26 Outlook Confirming our guidance for FY 2026 Guidance 20261 In EUR Year-on-year growth Growth GMV2 19.7 – 20.6bn 12 – 17% On a pro-forma4 basis, the guidance represents a 5% – 10% increase year- on-year for GMV and 3% – 8% increase for revenue. Revenue 13.8 – 14.4bn 12 – 17% Segment lev
Slide 14: Key takeaways
Zalando Q1/26 Key takeaways 01 Q1 performance: Strong start to the year GMV growth of +21.7% and revenue growth of +23.8%. Adjusted EBIT increased year-on-year to 65m EUR 02 AI: Continued strong traction on AI across our business Leveraging our unique fashion and lifestyle data, AI is delivering sub
Slide 15: Q&A
Zalando Q1/26 Q&A 15 15
Slide 16: Appendix
Zalando Q1/26 Appendix 16 16
Slide 17: EBIT adjustments
Zalando Q1/26 EBIT adjustments In m EUR Q1/25 Q1/26 Change EBIT 21.4 (79.7) (101.1) Share-based compensation 20.7 28.1 +7.4 Acquisition related expenses 4.6 19.6 +15.0 One-time effects 0.0 0.0 0.0 Restructuring costs 0.0 96.8 +96.8 Adjusted1 EBIT 46.7 64.8 +18.1 17 1 Excluding equity-settled share-b
Slide 18: Issued share capital
Zalando Q1/26 Share information Issued share capital Share information Type of shares Ordinary bearer shares with no-par value (Stückaktien) (as of 31 March 2026) Stock exchange Frankfurt Stock Exchange Market segment Regulated Market (Prime Standard) Index listings DAX Total number of shares outsta
Slide 19: Zalando Investor Relations team
Zalando Q1/26 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 20: Disclaimer
Zalando Q1/26 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