Zalando (ZAL) Q3 2026 earnings summary

Executive summary

• Q3 GMV was €4,536.7m (+7.5% reported; +6.1% pro forma) and revenue €3,174.7m (+5.1%; +3.3%).

• Adjusted EBIT rose 10.6% to €106.5m; margin expanded to 3.4% from 3.2%, supported by lower fulfilment costs, integration synergies and B2B growth.

• 9M GMV and revenue increased 16.2% and 16.0%; adjusted EBIT rose 14.5% to €376.2m, while net income was a €31.8m loss.

Financial highlights

• Q3 gross margin declined 0.9 percentage points to 38.7%; reported EBIT was €13.1m versus €49.1m a year earlier, and net loss was €18.0m.

• Adjusted EBIT margin was 3.4% versus 3.2%; 9M adjusted EBIT was €376.2m versus €328.5m.

• Q3 integration synergies reached mid-teens millions of euros; ABOUT YOU profitability continued to improve.

Outlook and guidance

• FY26 guidance reaffirmed: GMV €19.7–20.6bn and revenue €13.8–14.4bn, with reported growth in the lower half of the 12%–17% ranges; adjusted EBIT €680m–€720m.

• CapEx guidance remains €240m–€300m; pro forma B2C growth outlook is in the lower half of 5%–10% for GMV and 3%–8% for revenue.

• Management expects to achieve the midpoint of adjusted EBIT guidance; current trading and Q4 execution remain on track.

• Gross margin is expected broadly flat for FY26, with Q4 improvement anticipated after Q3 customer-offer investments.

• Outlook excludes potential effects of a prolonged Middle East conflict, whose impact could not be reliably assessed.