Zalando SE

Q3 performance: momentum returned + profitability improved (guidance confirmed) - Reported GMV: EUR 4.5bn, +7.5% YoY (pro forma +6.1%); Group revenue: EUR 3.2bn, +5.1% YoY (pro forma +3.3%). - Adjusted EBIT: EUR 107m, +11% YoY, margin 3.4% (up ~0.2pp). - Key “good” driver: partner growth + Retail Media strength; GMV outpacing revenue mainly due to partner sales where Zalando recognizes only commission as revenue.

Outlook / forecasts for FY2026: still targeting top end of execution, but at the “lower end” of corridor - Full-year 2026 guidance reiterated (updated Aug): - Reported GMV & revenue growth: lower end of 12%–17% range. - Adjusted EBIT: EUR 680m–720m (management aims to hit the midpoint). - CapEx: EUR 240m–300m. - Net working capital: negative position expected. - Q4 demand drivers: Cyber Week + Christmas season; company expects continued improvement vs H1/H2, consistent with “accelerate in H2”.

B2C: trading improved but margins under transition (one of the “bad” points) - B2C pro forma: GMV +6.1% YoY, revenue +0.9% YoY. - Partner share: +2.9pp to 33.6%, supporting scalability and long-run mix improvement toward 2028 partner share 40%–50%. - Margin pressure in Q3 (surprising to some, but explained): B2C gross margin 41%, down 0.7pp YoY due to targeted retail investments/offers (notably sneakers) and higher marketing from an earlier A/W campaign start in Q3. - Investor takeaway: management calls Q3 transitional and expects gross margin improvement in Q4; full-year gross margin broadly flat YoY.