About You (YOU) Q4 24/25 earnings summary

Executive summary

• Achieved record Group revenue of EUR 2,001.7 million in FY 2024/2025, up 3.4% year-over-year, surpassing EUR 2 billion for the first time, with adjusted EBITDA at EUR 28.1 million and strong free cash flow of EUR 55.5 million.

• Active customers increased by 4.8% to 12.9 million, with average order value up 3.6% to EUR 60.1 and order volume at all-time highs.

• SCAYLE segment delivered 11.5% revenue growth, 23% ARR growth, and a 47% adjusted EBITDA margin, expanding internationally and into new verticals.

• Free cash flow improved to EUR 55.5 million, supporting a robust liquidity position of EUR 154.5 million at year-end.

• Zalando transaction expected to close in summer 2025, after which About You will be consolidated into Zalando.

Financial highlights

• Group revenue grew 3.4% year-over-year to EUR 2,001.7 million; gross margin rose by 1.7pp to 40.4% due to lower promotional intensity and higher tech revenue share.

• Adjusted EBITDA improved to EUR 28.1 million (1.4% margin), up from 0.2% last year; adjusted EBITDA margin improved by 1.2pp.

• Net working capital improved to EUR -109.0 million, mainly from inventory reduction.

• Free cash flow was EUR 55.5 million for FY 24/25; cash and equivalents at EUR 154.5 million at year-end.

• Profit for the period was EUR -106.7 million, a 4.9% improvement year-over-year.

Outlook and guidance

• FY 2025/2026 guidance is for moderate group revenue growth and strong adjusted EBITDA increase, with GMV growth expected to outpace revenue due to marketplace expansion.

• Segment reporting will shift to Commerce and SCAYLE; both expected to see strong adjusted EBITDA growth, with SCAYLE also expecting strong revenue growth.

• CapEx and net working capital expected to remain stable year-over-year.

• Guidance depends on external event developments and the Zalando transaction introduces some uncertainty.