Zalando Se · XETR:ZAL
Zalando — Zalando Se Ord — Q1 2025 Earnings Presentation
17 slides from Zalando's earnings presentation, May 6, 2025
Slide 1: Zalando Q1/25 Earnings call
Q1 Zalando Q1/25 Earnings call 6 May 2025 Speaker: David Schröder, Co-CEO and interim CFO Roeland Loof, VP Finance
Slide 2: Executive Summary
Zalando Q1/25 Executive Summary 01 Strong start to the year with accelerated GMV growth Acceleration in GMV growth to 6.5% paired with continued strong revenue growth of 7.9% supported by successful end of season sales and a promising start to the new spring/summer season 02 Continued improvements i
Slide 3: Deepening customer engagement with our upgraded loyalty programme Zalando Plus
Zalando Q1/25 Loyalty programme Zalando Plus Deepening customer engagement with our upgraded loyalty programme Zalando Plus Successfully rolled-out loyalty programme to 13 markets with additional markets to be launched throughout the year More than 15% of our customer base in all live markets is alr
Slide 4: Q1 2025 with accelerated growth in GMV and continued strong revenue growth
Zalando Q1/25 Group performance Q1 2025 with accelerated growth in GMV paired with continued strong revenue 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) 6.5% 7.9% 0.7pp 1.9% 3,496 3,284 1.3% 2,241 2
Slide 5: Growth in B2C supported by successful end of season sales
Zalando Q1/25 B2C Segment Growth in B2C supported by successful end of season sales and a promising start to the spring/summer season B2C GMV1 B2C revenue B2C adjusted2 EBIT3 (in m EUR) (in m EUR) (in m EUR, adj. EBIT margin in % of revenue) 6.5% 7.6% 0.7pp 3,496 1.9% 3,284 1.1% 2,028 2,183 Q1 41 23
Slide 6: Continued active customer growth to new high
Zalando Q1/25 B2C customer metrics Continued active customer growth to new high Active customers Average orders (1.3)% (L12M1 in millions) per active customer (L12M1 in #) 5.9% 4.9 4.9 52.4 Average basket size 1.2% 49.5 after returns2 (L12M1 in EUR) 60.4 61.1 GMV per active customer3 (0.1)% (L12M1 i
Slide 7: B2B with double digit growth trajectory driven by ZEOS fulfilment
Zalando Q1/25 B2B Segment B2B with double digit growth trajectory driven by ZEOS fulfilment B2B revenue1 B2B adjusted2 EBIT (in m EUR) (in m EUR, adj. EBIT margin in % of revenue) 11.6% (0.1)pp 240 2.5% 2.4% 215 5 6 Q1 2024 2025 2024 2025 7 1 Q1 2025 contains (3.0)m EUR | Q1 2024 (1.7)m EUR reconcil
Slide 8: Adjusted EBIT margin improved, driven by sustained strength in gross profit margin
Zalando Q1/25 Group P&L Adjusted EBIT margin improved, driven by sustained strength in gross profit margin, which more than offset the rise in marketing expenses Costs and margin Q1/24 Q1/25 YoY Δ Continued strong sell- (in % of revenue) through of our retail inventory and increase in Gross profit 3
Slide 9: Net working capital position driven by higher inventory position
Zalando Q1/25 Net working capital Net working capital position driven by higher inventory position to support our growing retail business Net working capital Reflecting our (end of Q1, in m EUR) m EUR Q1/24 Q1/25 YoY Δ preparation for the spring/summer Inventories 1,584 1,911 20.6% season and low pr
Slide 10: Cash and cash equivalents at two billion EUR
Zalando Q1/25 Cash position Cash and cash equivalents at two billion EUR In m EUR Temporary restricted cash Free cash flow (192)m EUR3 for the acquisition of ABOUT YOU shares relating to the public tender offer 2,588 (143) (49) (33) 2,363 (403) 2,302 1,959 Predominantly consists of investments in lo
Slide 11: Confirming our full year 2025 guidance
Zalando Q1/25 Outlook Confirming our full year 2025 guidance despite a fast-changing geopolitical and macro-economic environment Zalando stand-alone guidance 20251 Growth GMV 4 – 9% Revenue 4 – 9% Profitability Adjusted2 EBIT (in m EUR) 530 – 590 Cash Capex (in m EUR) 180 – 280 Net working capital n
Slide 12: Key takeaways
Zalando Q1/25 Key takeaways 01 Strong start to the year with accelerated GMV growth Acceleration in GMV growth to 6.5% paired with continued strong revenue growth of 7.9% supported by successful end of season sales and a promising start to the new spring/summer season 02 Continued improvements in pr
Slide 13: Q&A
Zalando Q1/25 Q&A 13 13
Slide 14: Appendix
Zalando Q1/25 Appendix 14 14
Slide 15: Issued share capital
Zalando Q1/25 Share information Issued share capital Share information Type of shares Ordinary bearer shares with no-par value (Stückaktien) (as of 31 March 2025) Stock exchange Frankfurt Stock Exchange Market segment Regulated Market (Prime Standard) Index listings DAX Total number of shares outsta
Slide 16: Zalando Investor Relations team
Zalando Q1/25 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 17: Disclaimer
Zalando Q1/25 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