Zalando Se · XETR:ZAL
Zalando — Zalando Se Ord — FY2025 Earnings Presentation
31 slides from Zalando's earnings presentation, Mar 12, 2026
Slide 1: Financial Deep Dive
Financial Deep Dive Speaker: Anna Dimitrova, CFO 12 March 2026
Slide 2: Financial Results 2025
Financial Deep Dive Financial Results 2025
Slide 3: Business highlights: We focus on strategy execution, accelerating our growth
Business highlights: We focus on strategy execution, accelerating our growth and creating shareholder value Strong strategy Delivered at high end Capital allocation execution of 2025 guidance framework 62m +14.7% 1.9bn active customers GMV3 growth year-on-year strong cash position, EUR 1.1bn +16.8%
Slide 4: Group: We delivered on our guidance with growth in all business segments
Group: We delivered on our guidance with growth in all business segments GMV & revenue Group GMV1 Group revenue Adjusted3 EBIT (in m EUR) (in m EUR) (in m EUR, adj. EBIT margin in % of revenue) ● Reported: increase primarily due to the inclusion of ABOUT YOU and solid business performance of Zalando
Slide 5: B2C: Accelerated growth driven by ABOUT YOU, lifestyle expansion, partner business and retail media
B2C: Accelerated growth driven by ABOUT YOU, lifestyle expansion, partner business and retail media B2C GMV1 Partner Business B2C GMV & revenue (in m EUR) +14.7% (Partner business share in % of B2C GMV ) 1 ● Lifestyle expansion drives strong growth in Lounge, Sports, Kids & Family and Beauty +6.8% 1
Slide 6: B2C: Increased customer reach and customer spending
B2C: Increased customer reach and customer spending Active customers Average orders per Active customers (L12M1 in millions) (0.6%) active customer ● Growth primarily driven by inclusion of (L12M1 in #) ABOUT YOU and expansion of individual customer bases 4.8 4.8 ● Joint-customer base of ~6m custome
Slide 7: B2C: Building a sustainable and high value customer base
B2C: Including ABOUT YOU, we continue to build up a sustainable and high value customer base, contributing to profitable long term growth Cohort1 development in GMV Profit contribution2 per customer (in m EUR) (illustrative, in EUR) 2022 cohort and earlier 2023 cohort 2024 cohort 2025 cohort 2022 coho
Slide 8: B2C: Profitability impacted by inclusion of ABOUT YOU's commerce business
B2C: Profitability impacted by inclusion of ABOUT YOU’s commerce business with improving underlying Zalando stand-alone profitability B2C gross margin B2C adjusted1 EBIT B2C gross margin (as % of revenue) (in m EUR, adj. EBIT margin in % of revenue) ● Gross margin impacted by Zalando B2C and inclusion
Slide 9: ABOUT YOU: Strong growth and rapid synergy capture
ABOUT YOU: Achieving strong growth and capturing synergies rapidly, now expecting full synergy potential of 100m EUR one year earlier than planned by 2028 ABOUT YOU with strong growth and Accelerated synergy capture with total delivery one improved profitability since closing year ahead of plan due t
Slide 10: B2B: Strong and accelerating revenue momentum
B2B: Strong and accelerating revenue momentum B2B revenue1 B2B revenue distribution B2B revenue (in m EUR) (in % of B2B revenue, excluding Highsnobiety) ● Primarily fueled by ZEOS Fulfillment, which includes both Zalando Software (Tradebyte & SCAYLE) Fulfillment Solutions and +11.7% Logistics (ZEOS fu
Slide 11: B2B: Double digit revenue growth translates into profitability increase
B2B: Double digit revenue growth translates into profitability increase B2B gross margin B2B adjusted1 EBIT B2B gross margin and (in % of revenue) (in m EUR, adj. EBIT margin in % of revenue) adjusted EBIT 2.4% 4.9% ● Improvement was driven by increased aEBIT margin aEBIT margin efficiency and scale i
Slide 12: Group adjusted EBIT margin stable despite inclusion of ABOUT YOU
Group adjusted EBIT margin stable despite inclusion of ABOUT YOU Costs and margins Gross margin (as % of revenue) ● Gross margin impacted by Zalando B2C (0.5)pp and inclusion of ABOUT YOU B2C business (0.2)pp FY/24 FY/25 YoY ∆ YoY ∆ excl. adjustments1 ● Mid-term gross margin target around 40% remain
Slide 13: Group net working capital driven by ABOUT YOU inclusion and partner business
Group net working capital driven by ABOUT YOU inclusion and strong partner business performance during Cyber Week Net Working Capital Inventories (m EUR) ● Zalando stand-alone inventories primarily driven by strategic expansion into lifestyle areas such as Sports Q4/24 Q4/25 YoY ∆ ● Higher share of
Slide 14: Group cash and cash equivalents remain strong
Group cash and cash equivalents remain strong after pay-down of convertible bond and consideration transferred for ABOUT YOU acquisition (in m EUR) Operating cash flow ● Mainly driven by operating income and development of net working capital (222) Capex ● Increase of ~16m EUR year-on-year relates ma
Slide 15: Outlook
Financial Deep Dive Outlook
Slide 16: Guidance 2026: strategy execution, growth above market, increasing adjusted EBIT
Looking ahead, we will focus on strategy execution, continued growth above market and increasing adjusted EBIT Guidance 20261 In EUR YoY growth Growth GMV2 19.7bn - 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 reven
Slide 17: Mid-term guidance for the combined group until 2028
Our mid-term guidance for the combined group including ABOUT YOU until 2028 - reflecting our ambition to accelerate our financial performance Group mid-term guidance 2028 5-year CAGR (2023 - 2028) As communicated at our Reiterated and translated for Zalando Adj. EBIT margin in % of revenue Strategy Up
Slide 18: Clear pathway to medium-term target margin of 6–8% adjusted EBIT
We have a clear pathway to our medium-term target margin of 6–8% adjusted EBIT in 2028 Adjusted EBIT margin Stable gross margin (as % of revenue, illustrative) ambition of ~40% ● B2C and B2B gross margin will continue to 2028 platform targets confirmed: improve ● Partner Business share of 40-50% of B
Slide 19: Accelerated investments in tech while keeping capex around 2% of revenues
Accelerated investments in tech while keeping capex spend around 2% of revenues Group capex Tech investments / intangibles (in m EUR and % of revenue) ● Zalando invested in data, infrastructure and AI ~2% ~2% for years, embedding it across the business 2.6% Logistics network 240–300 investments / ta
Slide 20: Updated capital allocation framework and up to 300m EUR share buy-back
Updated capital allocation framework and announcement of up to 300m EUR share buy-back 01 02 03 Maintain a strong balance sheet Continue to invest to create Return excess capital long-term value to shareholders Maintain robust liquidity (~10% of last-twelve Focus on organic growth investments to Whe
Slide 21: Key takeaways
Key takeaways 01 02 03 We delivered at the high-end We will achieve our mid-term We announced our capital of our FY 2025 guidance. adjusted EBIT margin targets of allocation framework and decided 6-8% and realise 100 million for a buy-back of up to 300m EUR. EUR synergies from ABOUT YOU in 2028. 21
Slide 22: Appendix
Appendix
Slide 23: Q4: Group performance
Q4: Group performance Group GMV1 Group revenue Group adjusted3 EBIT (in m EUR) (in m EUR) (in m EUR, adjusted EBIT margin in % of revenue) +7.2% +5.6% 6.6% 6.4% pro-forma2 growth pro-forma2 growth aEBIT margin aEBIT margin +21.9% +23.4% 5,729 +19.9% 4,701 4,071 3,299 Q4 262 219 +6.8% +6.9% 4.8% 4.8%
Slide 24: Q4: B2C
Q4: B2C B2C GMV1 B2C revenue B2C adjusted3 EBIT4 (in m EUR) (in m EUR) (in m EUR, adjusted EBIT margin in % of revenue) +7.2% +4.4% 7.0% 6.5% pro-forma2 growth pro-forma2 growth aEBIT margin aEBIT margin +21.9% +22.9% +14.5% 5,729 4,701 3,768 Q4 3,065 245 214 +6.8% pro-forma2 growth +6.2% 5.1% 4.8%
Slide 25: Q4: B2B
Q4: B2B B2B revenue1 B2B adjusted3 EBIT (in m EUR) (in m EUR, adjusted EBIT margin in % of revenue) +12.5% 1.3% 5.5% Pro-forma2 growth aEBIT margin aEBIT-margin +18.1% +384.6% 312 264 264 17 Q4 3.5 +11.7% 2.4% 4.9% +14.6% Pro-forma2 growth aEBIT margin aEBIT margin +136.5% 1,091 953 953 54 12M 23 20
Slide 26: Q4: P&L Costs and margins
Q4: P&L Costs and margins (as % of revenue) 12M/24 12M/25 YoY ∆ Q4/24 Q4/25 YoY ∆ Gross profit 40.7% 39.9% (0.8)pp 41.7% 39.9% (1.7)pp Fulfilment costs (22.9)% (23.0)% (0.1)pp (21.7)% (21.8)% (0.1)pp Marketing costs (9.3)% (9.1)% +0.1pp (10.4)% (9.5)% +0.8pp Administrative (4.8)% (4.6)% +0.2pp (4.5)%
Slide 27: EBIT adjustments
EBIT adjustments In m EUR 2024 2025 Change EBIT 391.9 387.2 (4.7) Share-based compensation 82.4 91.9 9.5 Acquisition related expenses 30.5 56.5 26.0 One-time effects 6.3 12.1 5.8 Restructuring costs 0.0 42.8 42.8 Adjusted1 EBIT 511.1 590.7 79.6 27 1 Excludes equity-settled share-based payment expens
Slide 28: FY/25 GMV to revenue bridge (illustrative)
FY/25 GMV to revenue bridge (illustrative) 2024 2025 Comments (in m EUR) (in m EUR) Group GVM1 15,311 17,560 Gross merchandise value (incl. VAT) Partner business GMV 5,241 5,637 32.1% in FY 2025 (34.2% in FY 2024) of B2C GMV Retail GMV1 10,070 11,924 Retail VAT 1,655 1,956 ~16% of GMV in 2025 Retail
Slide 29: Issued share capital
Issued share capital Share information Type of shares Ordinary bearer shares with no-par value (Stückaktien) (as of 31 December 2025) Stock exchange Frankfurt Stock Exchange Market segment Regulated Market (Prime Standard) Index listings DAX Total number of shares outstanding 264,181,977 Issued capi
Slide 30: Zalando investor relations team
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-Straße 5 Nils Pöppinghaus Ignacio
Slide 31: Disclaimer
Disclaimer Certain statements in this communication may constitute forward looking statements. These Our actual results may differ materially and adversely from any forward-looking statements discussed on this statements are based on assumptions that are believed call due to a number of factors, inc