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Zalando (ZAL) investor relations material
Zalando Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary6 Aug, 2025
Executive summary
H1 2025 GMV grew 6.2% to €7,593m and revenue rose 7.6% to €5,255m, with adjusted EBIT margin up to 4.4% and net income at €106.5m.
B2C engagement increased via AI-powered discovery feed and loyalty program reaching 10m members in 17 markets.
B2B segment maintained double-digit growth, driven by ZEOS Fulfillment, new partnerships, and Shopify integration.
ABOUT YOU acquisition completed (91.5% stake for €1.03bn), consolidated from July 11, 2025, with high synergy potential.
Combined 2025 guidance: 4–7% pro-forma GMV and revenue growth, €550–600m adjusted EBIT, €200–280m capex, and negative net working capital.
Financial highlights
Q2 2025 GMV rose 6.5% to €4,058m; revenue up 7.3% to €2,835m; adjusted EBIT at €186m (6.5% margin).
H1 2025 adjusted EBIT was €232m (4.4% margin), up 16.2% year over year.
B2C Q2 revenue grew 6.8% to €2,576m; adjusted EBIT margin at 4.2%.
B2B Q2 revenue up 12.2% to €262m; adjusted EBIT margin improved to 4.3%.
Cash and equivalents at €2.2bn at H1 2025, down due to ABOUT YOU acquisition; free cash flow at €17.2m.
Outlook and guidance
Combined group expects 2025 GMV of €17.2–17.6bn (+12–15%) and revenue of €12.1–12.4bn (+14–17%) vs 2024.
On a pro-forma basis, expects 4–7% GMV and revenue growth year over year.
Adjusted EBIT guidance for 2025 is €550–600m; capex at €200–280m; net working capital to remain negative.
B2B segment expected to significantly outperform B2C revenue growth rate.
Assess ABOUT YOU acquisition impact on 2025 EBIT.
Explain the decrease in cash flow from operations.
How do trade tariffs impact future performance?
Quantify ABOUT YOU's EBIT contribution.
Explain Q2 gross margin drivers.
Detail loyalty program's revenue recognition.
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Next Zalando earnings date
Q3 20256 Nov, 2025
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Frequently asked questions
Online Fashion Powerhouse
Zalando, headquartered in Berlin, Germany, is an online platform that specializes in fashion retail. It was established in 2008 and currently operates in over 15 European markets. The company offers a selection of over 300,000 products, encompassing more than 2,000 brands. Its main selling point is its online shopping platform which combines user-friendly navigation, various payment options, and efficient delivery services with a vast selection of various fashion apparel and accessories.
The Rise of Zalando
Zalando's journey began with selling flip-flops and has since transformed into a fashion giant Their offerings include including big names like Adidas, Calvin Klein, and Michael Kors. Founders Robert Gentz and David Schneider, initially inspired by US-based Zappos, sought to bring a similar comprehensive online shopping experience to the European market, focusing particularly on shoes. Today, the company sells just about everything within apparel, even if they still offer a vast selection of shoes.
Consumer-Centric Approach
The cornerstone of Zalando's success is its dedication to providing an exceptional customer experience. The platform's interface is user-friendly, with a personalized, AI-driven recommendation system that tailors product suggestions to individual customer preferences. Zalando also offers flexible payment options and a generous return policy, ensuring that the online shopping experience is as frictionless as possible.
Zalando's extensive logistics network plays a significant role in its service quality. The company operates several large fulfillment centers across Europe to ensure quick and efficient delivery. It has also recently piloted same-day delivery services in select cities, further enhancing customer satisfaction. Despite stiff competition from global giants like ASOS and Amazon, Zalando holds a strong position in the European online fashion market.
Platform Strategy and Connected Retail
Over the years, Zalando has evolved from a simple e-retailer to a full-scale online platform. It launched Zalando Lounge, a shopping club for special sales and premium brands, and Zalon, a personal styling service. One of Zalando's strategies is the Connected Retail program, integrating physical stores with its online platform. Through this initiative, brick-and-mortar retailers can sell their products on Zalando's site, with the company taking care of digital infrastructure and logistics. This approach has not only widened Zalando's product range but also provided a solution to physical retailers struggling with the shift toward online shopping.
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