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Zalando (ZAL) investor relations material
Zalando Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved strong Q3 2025 results with first-time full consolidation of ABOUT YOU from July 11, 2025, significantly boosting scale and market reach.
GMV rose 11.4% year-over-year to €11,821.3m for 9M 2025, with active customers up 21.9% to 61.4m, reflecting the enlarged base post-acquisition.
Ecosystem strategy delivered profitable growth across B2C and B2B, with double-digit B2B growth and expansion into lifestyle, especially sports.
Confirmed full-year 2025 guidance and remain on track for midterm 2028 targets.
Anna Dimitrova appointed as CFO effective January 2026.
Financial highlights
Q3 2025 group GMV reached €4,210m, up 21.6% year-over-year; revenue at €3,021m, up 26.5% due to ABOUT YOU inclusion.
Adjusted EBIT for Q3 was €96m (margin 3.2%), slightly above last year; 9M adjusted EBIT at €329m.
Group gross margin for Q3 at 39.6%, down 1.1pp year-over-year, impacted by lower-margin segments.
Cash and cash equivalents at €1.3bn, down from €2.6bn at year-end 2024, mainly due to bond paydown and ABOUT YOU acquisition.
Free cash flow for 9M 2025 at -€806.4m, a significant decline from €147.6m in 9M 2024, mainly due to acquisition-related outflows.
Outlook and guidance
Confirmed combined full-year 2025 guidance, expecting strong Q4 with mid-single-digit performer GMV growth and adjusted EBIT €550–600m.
Ambition to accelerate growth and increase profit in 2026, in line with midterm guidance.
Committed to midterm group-level gross margin target of around 40% by 2028.
B2B revenue growth expected to significantly outpace B2C.
Management highlights strategic growth investments and expects continued integration benefits from the ABOUT YOU acquisition.
Impact of ABOUT YOU on 9M adjusted EBIT margin?
Address the significant drop in cash reserves
What factors drove the 9M gross margin decline?
New synergy sources beyond 2028 identified?
How do sports sponsorships impact marketing spend?
SCAYLE's US client win progress
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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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