Zalando Se Stock Earnings Reports

Zalando reported solid Q3 2025 results and reiterated full-year guidance following the July 11 acquisition and consolidation of ABOUT YOU. Pro forma GMV grew 6.7% and pro forma revenue grew 7.5% year-on-year; reported GMV and revenue were higher due to ABOUT YOU inclusion. Adjusted EBIT was EUR 96m (3.2% margin) slightly above prior year despite margin dilution from ABOUT YOU. B2C continues to expand into lifestyle (notably sports), with new high-profile partnerships including the German Football Federation and several marathon sponsorships. Zalando Plus now has over 13 million members. B2B (ZEOS + SCAYLE) posted double-digit growth, EUR 277m revenue and improved margins driven by fulfillment efficiencies and the high-margin SCAYLE software. Combined active customer base now exceeds 60 million, with >5 million customers using both Zalando and ABOUT YOU. Cash was EUR 1.3bn at end of Q3 after acquisition and convertible paydown. Net working capital remained negative (-€141m) with higher inventories due to ABOUT YOU. Management expects a strong Q4 (mid-single-digit pro forma GMV growth) and remains on track for 2025 combined guidance and midterm targets to 2028, including ~40% group gross margin ambition. Integration with ABOUT YOU is progressing well, synergy delivery remains expected (EUR ~100m guidance unchanged) with largest benefits backloaded into later years. Management sees agentic AI as an opportunity and is pursuing in-house and partner approaches; SCAYLE expansion (including potential U.S. clients) is a priority.