Q3 2026 Earnings Call Präsentation

‌Zalando Q3 Earnings Call

Speaker:

Anna Dimitrova, CFO 3 November 2026

1. Q3 performance: We gained business momentum and increased profitability

   Reported GMV and revenue grew +7.5% (pro-forma: +6.1%) and +5.1% (pro-forma: +3.3%),

   respectively, while adjusted EBIT rose +10.6% year-on-year to 107m EUR

2. AI: Agentic commerce enables new customer journeys, and we are at the forefront

   We are opening new growth opportunities with our new Zalando Extended

   agentic commerce experience.

3. B2C: Solid traction across all three apps, with Zalando and Lounge improving In the Zalando App, the shift to a platform business model is accelerating with double-digit growth in partner business and retail media

4. B2B: Accelerated double-digit revenue growth trajectory

   ZEOS secured additional key wins and SCAYLE expanded its merchant base with

   major additions in the U.S. and in the U.K.

5. Outlook: Confirming our full year 2026 guidance from August

GMV and revenue growth in the lower half of 12 - 17% range, adj. EBIT range of 680 - 720m EUR,

240 - 300m EUR capex and negative net working capital position

2

Growth

Personalised shopping Retail media

Value added services

Efficiency

+

Operational excellence Faster decision making Cost & resource savings

3

‌Zalando Q3 2026

Agentic commerce enables new customer journeys, and we are at the forefront

ChatGPT Ads Pilot

first pilot partner for the Home & Living category

Zalando Assistant Google UCP Pilot

4

Zalando Extended

ZEOS is the turnkey solution for own e-com and marketplace fulfilment

B2B Operating System

SCAYLE adding substantial scale across key markets

Home & Family

Premium off-price

Multi-category

Premium Fashion

Lingerie, swimwear, and women's fashion brand

Ready-to-wear clothing & lifestyle retailer

Athletic wear & sportswear brand

Services

Software

Logistics

5

Group GMV1

Q3

(in m EUR)

Group revenue

(in m EUR)

Group adjusted3 EBIT

(in m EUR, margin in % of revenue)

+6.1%

Pro-forma2 year-on-year growth

+3.3%

Pro-forma2 year-on-year growth

3.2%

aEBIT margin

3.4%

aEBIT margin

+7.5% +5.1%

+10.6%

4,219

4,537

3,021

3,175

96

107

+5.4%

Pro-forma2 year-on-year growth

+16.2%

+2.6%

Pro-forma2 year-on-year growth

4.0%

aEBIT margin

3.9%

aEBIT margin

+16.0%

+14.5%

11,820

13,731

8,275

9,595

329

376

GMV & revenue

• GMV increased across all three consumer apps. The improvement was led by our core Zalando App and the scaling of the partner business alongside strong momentum in Lounge

• Revenue growth was mainly driven by strong performance in Retail Media and B2B

• Reported vs. pro-forma: remaining difference reflects ABOUT YOU inclusion date of July 11th

  Adjusted EBIT

• Adjusted EBIT margin expanded by 0.2 percentage points to 3.4%, supported by lower fulfilment costs, synergies and B2B, partially offset by targeted investments in attractive offers for our customers and marketing investments

• ABOUT YOU profitability continues to improve

  9M

• In Q3, we delivered mid-teens millions in group synergies

2025 2026 2025 2026 2025 2026

6 1 Gross merchandise volume after returns (GMV): dynamically reported

2 Pro-forma figures assume the consolidation of ABOUT YOU in the prior-year period. These figures are provided for illustrative purposes only to facilitate a like-for-like comparison and were not subject to financial audit

3 Excluding equity-settled share-based payment expense ("SBC"), restructuring costs, significant other non-operating one-time effects and acquisition-related expenses

B2C GMV1

(in m EUR)

+7.5%

Partner business

(GMV in % of B2C GMV1)

+6.1%

Pro-forma2 growth

+2.9pp

4,537

+17.8%

YoY, GMV growth

30.7%

33.6%

B2C revenue

(in m EUR)

+2.8%

Retail media3

(Revenue % of B2C GMV1)

+0.9%

Pro-forma2 growth

2,752

2,829

+17.8%

YoY, revenue growth

+0.2pp

1.8%

2.0%

B2C GMV & revenue

• We saw strong growth in our fashion categories, directly benefiting from a higher partner share. Additionally, our lifestyle categories such as Beauty and Sports grew strongly.

• Zalando Plus served 22.0m customers in Q3 (up from 20.1m in Q2)

• Revenue growth trailed GMV growth as a result of strong partner business momentum, reflecting our strategic shift toward a platform-led model.

  Partner business

• Strong growth is coming from all types of partners on our platform

  Retail media

• Growth reflects lapping of ABOUT YOU inclusion

Q3/25 Q3/26 Q3/25 Q3/26

7 1 Gross merchandise volume after returns (GMV): dynamically reported

2 Pro-forma figures assume the consolidation of ABOUT YOU in the prior-year period. These figures are provided for illustrative purposes only to facilitate a like-for-like comparison and were not subject to financial audit

3 Retail media defined as Zalando Marketing Services (ZMS) and ABOUT YOU retail media

Active customers

(L12M1 in millions)

Average orders

per active customer

(L12M1 in #)

+0.2%

Q2/26: 62.5m

+2.9%

+2.7%

61.4

Average basket size after returns2

(L12M1 in EUR)

61.6

63.3

GMV per active customer3

(L12M1 in EUR)

+2.9%

Active customers

• Growth driven by more loyal customers across all three apps

  GMV per active customer

• Increased spending from existing customers primarily driven by larger average basket sizes as a result of an increased share of cross-category shoppers

Q3/25 Q3/26 Q3/25 Q3/26

8 1 L12M = last 12 months

2 Defined as L12M GMV divided by the number of orders

3 Defined as L12M GMV divided by the number of active customers

B2C gross margin

(as % of revenue)

+1.0%

EUR

1,149m

(0.7)pp

EUR

1,161m

41.8%

41.0%

B2C adjusted1 EBIT2

(in m EUR, margin in % of revenue)

2.8%

aEBIT margin

2.3%

aEBIT margin

(15.9)%

76.6

B2C gross margin

• Decline was primarily driven by targeted investments in attractive offers for our customers in our retail business, especially in sneakers

• At the same time, our gross margin continues to benefit from positive contributions from our partner and retail media businesses

  B2C adjusted EBIT

• Margin was down 0.5pp driven by gross margin decline and year-on-year higher marketing spend, reflecting an earlier start to the autumn/winter campaign and marketing activities around the World Cup

• Higher synergies and lower fulfilment costs partially offset these effects

Q3/25 Q3/26 Q3/25 Q3/26

9 1 Excluding equity-settled share-based payment expense ("SBC"), restructuring costs, significant other non-operating one-time effects and acquisition-related expenses

2 Q3/26 contains (0.1)m EUR | Q3/25 contains 0.2m EUR of inter-segment EBIT

B2B revenue1

(in m EUR)

B2B gross margin

(in % of revenue)

B2B adjusted3 EBIT

(in m EUR, margin in % of revenue)

+27.2%

Pro-forma2 year-on-year growth

7.1%

aEBIT margin

11.9%

aEBIT margin

+27.9%

+115.3%

354

+2.2pp

277

18.4%

20

B2B revenue

• Primary driver of B2B growth was ZEOS Fulfilment, which includes both Zalando Fulfilment Solutions (ZFS) and Multi-Channel Fulfilment

• ZFS maintained its strong growth trajectory by successfully keeping pace with the scaling of the partner business

• B2B's major revenue stream is logistics-as-a-service, complemented by software-as-a-service revenues from SCAYLE and Tradebyte

  B2B gross margin and adjusted EBIT

• Improvement was driven by overhead leverage and a higher gross margin from scaling ZEOS

Q3/25 Q3/26 Q3/25 Q3/26 Q3/25 Q3/26

10 1 Q3/26A contains (8.9)m EUR | Q3/25A contains (8.2)m EUR of inter-segment revenue

2 Pro-forma figures assume the consolidation of ABOUT YOU in the prior-year period. These figures are provided for illustrative purposes only to facilitate a like-for-like comparison and were not subject to financial audit

3 Excluding equity-settled share-based payment expense ("SBC"), restructuring costs, significant other non-operating one-time effects and acquisition-related expenses

(as % of revenue)

YoY ∆

excl. adjustments2

Gross margin

Q3/25 Q3/26 YoY ∆

Gross margin 39.6% 38.7% (0.9)pp (0.9)pp

OPEX (37.9)% (38.3)% (0.3)pp 1.0pp

Fulfilment costs (24.3)% (23.6)% 0.8pp 0.9pp

Marketing costs (9.3)% (9.4)% (0.1)pp 0.0pp

Admin costs & Other (4.3)% (5.3)% (0.9)pp 0.1pp

• Administrative costs (4.3)% (3.6)% 0.7pp 0.1pp

• Other income & expenses 0.0% (1.7)% (1.7)pp 0.0pp

(1.2)pp

EBIT 1.6% 0.4%

• Gross margin decreased due to targeted investments in attractive offers for our customers in B2C and strong growth in B2B which comes with lower gross margins

  OPEX

• Fulfilment costs: driven by the lapping of ramp-up costs at our Paris and Giessen logistics sites, alongside other operational efficiencies

• Other expenses: impacted by ~58m EUR restructuring costs

  Adjusted EBIT margin

• Slightly up reflecting structured improvement in fulfilment costs

Adjusted2 EBIT 3.2% 3.4% 0.2pp

11 1 Rounding differences may arise in the percentages and numbers in this table

2 Excluding equity-settled share-based payment expense ("SBC"), restructuring costs, significant other non-operating one-time effects and acquisition-related expenses

EBIT adjustments in Q3/26 amount to 93.4m EUR (Q3/25: 47.2m EUR). See details in appendix

(m EUR)

Net working capital (141) (424)

Inventories

• Growth in inventories in line with retail topline growth

  Trade payables

• Trade payables increased year-on-year on the back of strong growth in partner business

  12

  ‌Solid cash position of ~1.2 billion EUR

  (57)

  (66)

  (57)

  1,217

Operating cash flow

Q2/26 Operating cash flow Capex & other1

Lease liabilities & other 2

Q3/26

13 1 Includes investments in fixed assets of (26.8)m EUR and intangible assets of (34.3)m EUR as well as payments for acquisitions (5.0)m EUR

2 Includes lease liabilities of (59.7)m EUR, payments received from capital increases and option exercises 0.5m EUR and effect of exchange rate changes on cash and cash equivalents of 1.7m EUR

Guidance 20261

9M results

Pro-forma4: GMV and revenue growth in the lower half of 5% - 10% GMV range (9M: +5.4%) and 3% - 8% revenue

range (9M: +2.6%)

Segment level performance:

• B2C: Scaling our multi-app approach and AI personalisation. High partner business growth means GMV will significantly outpace revenue

• B2B: Growing our operating system (ZEOS, SCAYLE, Tradebyte), with segment revenue expected to exceed overall group growth

• Reported B2B revenue growth will moderately outpace B2C revenue growth

1 Our outlook excludes potential impact from a prolonged Middle East conflict. Any potential future impact cannot be reliably assessed at the moment

2 B2C gross merchandise volume after returns (GMV): dynamically reported

14 3 Excludes equity-settled share-based payment expense ("SBC"), restructuring costs, significant other non-operating one-time effects and acquisition-related expenses 4 Pro-forma figures are provided for illustrative purposes only to facilitate a like-for-like comparison and do not constitute part of the formal guidance. These figures assume the consolidation of ABOUT YOU in the prior-year period to the same extent as in FY 2025

1. Q3 performance: We gained business momentum and increased profitability

   Reported GMV and revenue grew +7.5% (pro-forma: +6.1%) and +5.1% (pro-forma: +3.3%),

   respectively, while adjusted EBIT rose +10.6% year-on-year to 107m EUR

2. AI: Agentic commerce enables new customer journeys, and we are at the forefront

   We are opening new growth opportunities with our new Zalando Extended

   agentic commerce experience.

3. B2C: Solid traction across all three apps, with Zalando and Lounge improving In the Zalando App, the shift to a platform business model is accelerating with double-digit growth in partner business and retail media

4. B2B: Accelerated double-digit revenue growth trajectory

   ZEOS secured additional key wins and SCAYLE expanded its merchant base with

   major additions in the U.S. and in the U.K.

5. Outlook: Confirming our full year 2026 guidance from August

GMV and revenue growth in the lower half of 12 - 17% range, adj. EBIT range of 680 - 720m EUR,

240 - 300m EUR capex and negative net working capital position

15

‌Zalando Q3 2026

16

17

(in m EUR)

B2C revenue

(in m EUR)

B2C adjusted3 EBIT4

(in m EUR, margin in % of revenue)

+6.1%

Pro-forma2 year-on-year growth

+7.5%

Q3

4,219

+5.4%

Pro-forma2 year-on-year growth

+16.2%

13,731

+0.9%

Pro-forma2 year-on-year growth

+2.8%

2,752 2,829

+0.8%

Pro-forma2 year-on-year growth

+15.0%

2.8%

aEBIT margin

77

3.9%

aEBIT margin

2.3%

aEBIT margin

(15.9)%

3.1%

aEBIT margin

(8.4)%

11,820

7,510

9M

291

2025 2026 2025 2026 2025 2026

18 1 Gross merchandise volume after returns (GMV): dynamically reported

2 Pro-forma figures assume the consolidation of ABOUT YOU in the prior-year period. These figures are provided for illustrative purposes only to facilitate a like-for-like comparison and were not subject to financial audit

3 Excluding equity-settled share-based payment expense ("SBC"), restructuring costs, significant other non-operating one-time effects and acquisition-related expenses

4 Q3/26 contains (0.1)m EUR | Q3/25 EUR 0.2m EUR of inter-segment EBIT. 9M/26 contains 0.9m EUR | 9M/25 0.6m EUR of inter-segment EBIT

B2B revenue1

(in m EUR)

+27.2%

Pro-forma2 year-on-year growth

Q3

+21.8%

Pro-forma2 year-on-year growth

779

+27.9%

+26.5%

354

986

B2B adjusted3 EBIT

(in m EUR, margin in % of revenue)

7.1%

aEBIT margin

20

4.7%

aEBIT margin

11.9%

aEBIT margin

+115.3%

11.0%

aEBIT margin

+195.1%

42

109

9M

37

2025 2026 2025 2026

19 1 Q3/26 contains (8.9)m EUR | Q3/25 (8.2)m EUR of inter-segment revenue. 9M/26 contains (25.7)m EUR | 9M/25 (14.7)m EUR of inter-segment revenue.

2 Pro-forma figures assume the consolidation of ABOUT YOU in the prior-year period. These figures are provided for illustrative purposes only to facilitate a like-for-like comparison and were not subject to financial audit

3 Excluding equity-settled share-based payment expense ("SBC"), restructuring costs, significant other non-operating one-time effects and acquisition-related expenses

(as % of revenue)

9M/25 9M/26 YoY ∆ YoY ∆ Q3/25 Q3/26 YoY ∆ YoY ∆ 2

excl. adjustments2 excl. adjustments

Gross margin 39.9% 39.6% (0.3)pp (0.3)pp 39.6% 38.7% (0.9)pp (0.9)pp

OPEX (37.2)% (39.1)% (1.9)pp 0.2pp (37.9)% (38.3)% (0.3)pp 1.0pp

Fulfilment costs (23.6)% (23.9)% (0.3)pp (0.1)pp (24.3)% (23.6)% 0.8pp 0.9pp

Marketing costs (8.9)% (9.4)% (0.5)pp (0.2)pp (9.3)% (9.4)% (0.1)pp 0.0pp

Admin costs & Other (4.7)% (5.8)% (1.1)pp 0.5pp (4.3)% (5.3)% (0.9)pp 0.1pp

- Administrative costs (4.6)% (4.0)% 0.6pp 0.4pp (4.3)% (3.6)% 0.7pp 0.1pp

- Other income & expenses (0.1)% (1.8)% (1.7)pp 0.1pp 0.0% (1.7)% (1.7)pp 0.0pp

EBIT 2.6% 0.5% (2.1)pp 1.6% 0.4% (1.2)pp

Adjusted2 EBIT 4.0% 3.9% (0.1)pp 3.2% 3.4% 0.2pp

20 1 Rounding differences may arise in the percentages and numbers in this table

2 Excluding equity-settled share-based payment expense ("SBC"), restructuring costs, significant other non-operating one-time effects and acquisition-related expenses

EBIT adjustments in 9M/26 amount to 331.6m EUR (9M/25: 112.8m EUR) and EBIT adjustments in Q3/26 amount to 93.4m EUR (Q3/25: 47.2m EUR) . See details on the next slide

In m EUR

Q3/25

Q3/26

Change 9M/25

9M/26

Change

EBIT

49.1

13.1

(36.0)

215.8

44.5

171.2

Share-based compensation

21.1

22.6

+1.5

62.3

78.5

+16.2

Acquisition-related expenses2

21.2

21.7

+0.5

30.8

74.5

+43.7

Restructuring costs

4.9

58.1

+53.2

19.8

197.0

+177.2

Other one-time effects

0.0

(9.0)

(9.0)

0.0

(18.3)

(18.3)

Reversal of office impairments

Adjusted1 EBIT 96.3 106.5 +10.2 328.6 376.2 +47.6

21 1 Excluding equity-settled share-based payment expense ("SBC"), restructuring costs, significant other non-operating one-time effects and acquisition-related expenses

2 Acquisition-related expenses mostly driven by the ABOUT YOU acquisition and the related amortisation of acquired brands and customer relationships as well as integration costs and other one-time effects

22 ¹ Only to 35% to be settled with new shares, remaining backed by treasury shares

2 Settled with new shares

Patrick Kofler

Director of IR [email protected]

Nils Pöppinghaus

Senior Manager IR [email protected]

Dorothee Schultz

Senior Manager ESG IR [email protected]

Ignacio Azpitarte Garay

Manager IR [email protected]

Andrea Frese

Senior Manager IR

[email protected]

Team contact

T: +49 (0) 30 20 9681 584

Zalando SE

Valeska-Gert-Straße 5

10243 Berlin

[email protected] https://corporate.zalando.com/en

23

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 forward-looking statements as predictions of future events and we undertake no obligation to update or revise these statements.

Our actual results may differ materially and adversely from any forward-looking statements discussed on this call due to a number of factors, including without limitation, risks from macroeconomic developments, external fraud, inefficient

processes at fulfilment centres, inaccurate personnel and capacity forecasts for fulfilment centres, hazardous material / conditions in production with regard to private labels, lack of innovation capabilities, inadequate data security, lack of market knowledge, risk of strike and changes in competition levels.

24