Zalando Se · XETR:ZAL
Zalando — Zalando Se Ord — Q2 2025 Earnings Presentation
25 slides from Zalando's earnings presentation, Aug 6, 2025
Slide 1: Zalando Q2/25 Earnings call
Q2 Zalando Q2/25 Earnings call 6 August 2025 Speaker: Robert Gentz, Co-CEO David Schröder, Co-CEO and interim CFO
Slide 2: Executive Summary
Zalando Q2/25 Executive Summary 01 H1 performance reflects continued growth and increased profitability Strong GMV growth of 6.2% and even stronger revenue growth of 7.6% paired with continued adjusted EBIT margin expansion to 4.4% 02 In B2C, new discovery feed provides personalised content at scale
Slide 3: We are delivering our strategy across all three growth pillars
Zalando Q2/25 B2C strategy We are delivering our strategy across all three growth pillars MULTI-BRAND PLATFORM Differentiation through quality Lifestyle expansion Inspiration & entertainment • Upgraded loyalty programme reached more • Strong H1 growth in Sports, Family & Kids, • Strong performance o
Slide 4: Personalised content at scale drives user engagement, time spent and advertising
Zalando Q2/25 Inspiration & entertainment Personalised content at scale drives user engagement, time spent and advertising Higher user engagement More content sources provided and more time spent by partners and creators More elevated and More advertising revenue personalized content generated 4
Slide 5: Making the customer experience more inspiring and personalised with our new AI-driven discovery feed
Zalando Q2/25 Inspiration & entertainment Making the customer experience more inspiring and personalised with our new AI-driven discovery feed - boosting customer engagement and supporting our advertising business 5
Slide 6: In Q2, we continued on our profitable growth trajectory
Zalando Q2/25 Group performance In Q2, we continued on our profitable growth trajectory Group GMV1 Group revenue Group adjusted2 EBIT (in m EUR) (in m EUR) (in m EUR, adj. EBIT margin in % of revenue) 5.0% 7.3% 0.1pp 6.5% 6.5% 3,864 4,058 2,643 2,835 Q2 172 186 6.2% 7.6% 0.3pp 7,148 7,593 4.1% 4.4%
Slide 7: Strong growth in B2C supported by strategic growth investments and successful commercial events
Zalando Q2/25 B2C Segment Strong growth in B2C supported by 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) 5.0% 6.8% 7.3% (0.1)pp
Slide 8: Continued strong active customer growth to new high
Zalando Q2/25 B2C customer metrics Continued strong active customer growth to new high Active customers Average orders (1.0)% (L12M1 in millions) per active customer (L12M1 in #) 6.1% 4.9 4.8 49.8 52.9 Average basket size 1.2% after returns2 (L12M1 in EUR) 60.9 61.6 GMV per active customer3 0.2% (L1
Slide 9: B2B segment with continued double digit growth and increased profitability driven by ZEOS Fulfilment
Zalando Q2/25 B2B Segment B2B segment with continued double digit growth and increased profitability driven by ZEOS Fulfilment 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) 12.2% 1.3pp 3.1% 4.3% 262 11 Q2 234 7
Slide 10: Stable adjusted EBIT margin as decline in gross profit was counterbalanced by reduction in marketing and administrative expenses
Zalando Q2/25 Group P&L Stable adjusted EBIT margin as decline in gross profit was counterbalanced by reduction in marketing and administrative expenses Costs and margin H1/24 H1/25 YoY Δ Q2/24 Q2/25 YoY Δ Exceptional strong prior year (in % of revenue) sell-through in our retail business Gross prof
Slide 11: Net working capital position driven by higher inventory position to support our growing retail business
Zalando Q2/25 Net working capital Net working capital position driven by higher inventory position to support our growing retail business Net working capital Reflecting our preparation (end of Q2, in m EUR) m EUR Q2/24 Q2/25 YoY Δ for the autumn/winter season and low prior year Inventories 1,444 1,6
Slide 12: Cash and cash equivalents at 2.2 billion EUR
Zalando Q2/25 Cash position Cash and cash equivalents at 2.2 billion EUR In m EUR On July 11, we transferred 1,028.7m EUR for Free cash flow 17.2m EUR3 the acquisition of 91.5% of ABOUT YOU shares. The restricted cash represents 141 nearly 40% of the transferred consideration. 2,588 (75) (68) 2,586
Slide 13: ABOUT YOU transaction successfully completed and ready to team up to lead the way
Zalando Q2/25 ABOUT YOU transaction ABOUT YOU transaction successfully completed and ready to team up to lead the way in European fashion and lifestyle e-commerce B2C B2B Services Software Logistics ZEOS Fulfilment (incl. ZFS) Go-to-destination and dual Enable brands e-commerce brand strategy across
Slide 14: Following joint value creation planning, we confirm high synergy potential from ABOUT YOU transaction
Zalando Q2/25 ABOUT YOU transaction Following joint value creation planning, we confirm high synergy potential from ABOUT YOU transaction of 100m EUR on group EBIT level from 2029 onwards Planned ramp-up of (gross) synergies Sources of synergies (in 2029) (illustrative) (illustrative) Combined logis
Slide 15: Recap on Zalando and ABOUT YOU stand-alone guidance for 2025/26
Zalando Q2/25 Recap stand-alone guidance Recap on Zalando and ABOUT YOU stand-alone guidance for 2025/26 Zalando stand-alone guidance 2025 ABOUT YOU stand-alone guidance 2025/26 (as confirmed on May 6 2025) (as confirmed on July 15 2025) 15
Slide 16: Our new combined guidance for 2025
Zalando Q2/25 Outlook Our new combined guidance for 2025 Combined guidance 2025 (including ABOUT YOU as of July 11) Growth On a pro forma basis, including GMV 17.2 – 17.6 (in bn EUR) 12 – 15% ABOUT YOU as of July 11, the combined guidance represents Revenue 12.1 – 12.4 a 4 – 7% increase year-on-year
Slide 17: Key takeaways
Zalando Q2/25 Key takeaways 01 H1 performance reflects continued growth and increased profitability Strong GMV growth of 6.2% and even stronger revenue growth of 7.6% paired with continued adjusted EBIT margin expansion to 4.4% 02 In B2C, new discovery feed provides personalised content at scale dri
Slide 18: Q&A
Zalando Q2/25 Q&A 18 18
Slide 19: Appendix
Zalando Q2/25 Appendix 19 19
Slide 20: Overview of ABOUT YOU transaction timeline and key aspects
Zalando Q2/25 Transaction timeline and key aspects Overview of ABOUT YOU transaction timeline and key aspects Transaction timeline Key aspects Voluntary tender offer successfully completed for 11 December Announcement of transaction 6.50 EUR per share Consideration of 1.03bn EUR paid for 91.5% of AB
Slide 21: Combined company will continue to report in B2C and B2B segment
Zalando Q2/25 Segment reporting Combined company will continue to report in B2C and B2B segment Reported B2C B2B Segments segment segment Components (without external reporting) ZEOS fulfilment (incl. Zalando Fulfilment Solutions) Zalando Marketing Services 1 1 Commerce SCAYLE 21 1 Previous segments
Slide 22: Partner business GMV grew in line with B2C overall; Zalando Marketing Services with strong growth
Zalando Q2/25 Platform services Partner business GMV grew in line with B2C overall; Zalando Marketing Services with strong growth in H1/25 Partner Business Zalando Marketing Services (GMV in m EUR and in % of B2C GMV) (revenue in m EUR and in % of B2C GMV) 5.3% 45.2% (0.3)pp 0.4pp 34.3% 34.0% 1.7% 1
Slide 23: Issued share capital
Zalando Q2/25 Share information Issued share capital Share information Type of shares Ordinary bearer shares with no-par value (Stückaktien) (as of 30 June 2025) Stock exchange Frankfurt Stock Exchange Market segment Regulated Market (Prime Standard) Index listings DAX Total number of shares outstan
Slide 24: Zalando Investor Relations team
Zalando Q2/25 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 25: Disclaimer
Zalando Q2/25 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