Zalando (ZAL) Q2 2025 earnings summary

Executive summary

• H1 2025 GMV grew 6.2% to €7,593.3m and revenue rose 7.6% to €5,254.6m, with adjusted EBIT up 16.2% to €232.3m (4.4% margin), despite macroeconomic volatility.

• ABOUT YOU acquisition completed in July 2025, with 91.5% stake acquired for €1,028.7m, fully financed from existing liquidity, and integration underway.

• B2B segment maintained double-digit growth, driven by ZEOS Fulfillment and new Shopify integration.

• Launched AI-powered discovery feed and expanded loyalty program to 17 markets, surpassing 10 million members.

• Management remains confident in growth and profitability plans, raising 2025 guidance and targeting ecosystem expansion.

Financial highlights

• Q2 2025 GMV: €4.1B (+5.0% YoY); revenue: €2.8B (+7.3% YoY); adjusted EBIT: €186M (6.5% margin).

• H1 2025 revenue: €5,254.6m (+7.6% YoY); GMV: €7,593.3m (+6.2% YoY); adjusted EBIT: €232.3m (4.4% margin).

• B2C Q2 revenue grew 6.8% to €2,576m; B2B Q2 revenue up 12.2% to €262m.

• Active customers reached 52.9m, up 6.1% YoY; average orders per customer at 4.8.

• Cash and cash equivalents at €2.2bn at H1 close; pro forma cash of €1.2bn post-ABOUT YOU acquisition and bond repayment.

Outlook and guidance

• Combined group 2025 GMV expected at €17.2–17.6bn (+12–15%); revenue at €12.1–12.4bn (+14–17%).

• Pro-forma GMV and revenue growth guidance for 2025 is 4–7% YoY; adjusted EBIT guidance: €550–600m.

• CapEx for 2025 expected at €200–280m, mainly for logistics and software.

• Net working capital to remain negative.

• Targeted group EBIT synergies of €100m annually from 2029 onwards.