About You (YOU) Q4 2025 earnings summary

Executive summary

• Achieved FY 2024-2025 guidance with 3.4% year-over-year revenue growth to €2,001.7M and adjusted EBITDA of €28.1M, driven by record active customers and higher average order value.

• Scale/SCAYLE segment delivered 11.5% revenue growth, 23% ARR growth, and a 47% adjusted EBITDA margin.

• Positive IFRS free cash flow of €55.5M and a solid cash balance of €154.5M at year-end.

• Strategic progress includes successful rollout of marketplace model, strong 3P revenues, and expansion into new geographies and verticals.

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

Financial highlights

• Group revenue increased by 3.4% to €2,001.7M for FY 24/25, with Q4 revenue up 8.7% to €474M, partly due to Black Friday timing.

• Group gross margin rose by 170 bps to 40.4% for the year, driven by higher tech revenue share and lower promotional intensity.

• Adjusted EBITDA improved to €28.1M (1.4% margin), up from 0.2% last year.

• Net working capital improved to negative €109M, mainly from inventory reduction.

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

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 Scale/SCAYLE; both expected to see strong adjusted EBITDA growth, with Scale/SCAYLE also expecting strong revenue growth.

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

• Guidance depends on external event developments, including the Zalando transaction.