Zalando (ZAL) Q2 2026 earnings summary

Executive summary

• Achieved strong H1 2026 growth with GMV up 21.0% to €9.2bn and revenue up 22.2% to €6.4bn, driven by ABOUT YOU consolidation and AI-driven initiatives in both B2C and B2B segments.

• Adjusted EBIT increased 16.1% to €269.6m, with ABOUT YOU synergies contributing positively, though EBIT dropped 81.1% to €31.4m due to restructuring and acquisition costs.

• Active customers rose 18.3% to 62.5 million, with average spend per customer up 2.9% to €307.

• B2B segment saw accelerated double-digit revenue growth, margin expansion, and major client wins for ZEOS and SCAYLE.

• AI-powered innovations, including SCAYLE STUDIOS and enhanced Zalando Assistant, drove efficiency and engagement.

Financial highlights

• GMV: €9,199.7m (+21.0% YoY); Revenue: €6,420.6m (+22.2% YoY); Adjusted EBIT: €269.6m (+16.1% YoY); EBIT: €31.4m (-81.1% YoY).

• Q2 GMV up 20.7% to €4.9bn; Q2 revenue up 20.8% to €3.4bn; adjusted EBIT for Q2 at €204.8m (margin 6.0%).

• B2B revenue up 27.6% to €335m in Q2; B2B adjusted EBIT up to €41m (margin 12.2%).

• Free cash flow: -€95.0m; cash and equivalents: €1,397.8m.

• Capex: €124.4m (+33.3% YoY), focused on logistics and software.

Outlook and guidance

• Full-year 2026 GMV and revenue growth expected in the lower half of the 12–17% range.

• Adjusted EBIT guidance narrowed to €680–720m (margin 4.8–5.2%), supported by synergy delivery and logistics network benefits.

• Capex for 2026 confirmed at €240–300m; net working capital to remain negative.