Slides
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Q4 Zalando Q4/25 Earnings call 12 March 2026 Speaker: David Schröder, Co-CEO and interim CFO Zalando Q2 Earnings Call Speakers: Robert Gentz, Co-CEO Anna Dimitrova, CFO 4 August 2026
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2 Executive Summary 01 H1 performance: solid growth and increase in profitability GMV growth of 21.0% and revenue growth of 22.2%, increased adjusted EBIT year-on-year to 270m EUR 03 04 Outlook: Refining our full year 2026 guidance GMV and revenue growth in the lower half of 12 – 17% range, adj. EBIT range of 680 –720m EUR (prev. 660 – 740m EUR), 240 – 300m EUR capex and negative net working capital position 05 B2C: GMV growing across all three of our consumer apps - ABOUT YOU, Lounge and Zalando Partner business remains a central engine to drive growth. Concurrently, within the Zalando App we are capturing lifestyle expenditures with upgraded customer journeys in Sports, an exciting new pre-owned luxury fashion partnership and the launch of a dedicated Home & Living category B2B: Accelerated double-digit revenue growth trajectory ZEOS achieved successful go-lives, such as Marks & Spencer, while SCAYLE secured major enterprise client wins, including Wortmann Group, one of Europe’s largest shoe retailers 02 AI: Advancing our AI capabilities to bring further traction to both our B2C and B2B business Driving momentum for Zalando Assistant in B2C through various product improvements and translating our AI capabilities into scalable B2B revenue streams with SCAYLE Studios Zalando Q2/26
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3 Billions of customer interactions give us the ultimate AI advantage Zalando Q2/26 Business highlights Billions of customer interactions give us the ultimate AI advantage, driving growth and efficiency Growth Personalised shopping Retail media Value added services Efficiency + Operational excellence Faster decision making Cost & resource savings
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4 SCAYLE launched AI-powered fashion and lifestyle content studio translating our AI capabilities into scalable revenue streams Zalando Q2/26 Business highlights >95% >100 ~90% >1m EUR Live brands after just 2.5 months in the market Time to market reduction vs. classic photo productions Annual recurring revenue run rate Cost reduction vs. classic photo productions Self-service solution that translates the end-to-end process of a fashion shoot into a digital production workflow Securing first clients with SCAYLE STUDIOS - SCAYLE’s AI-powered content engine for fashion and lifestyle
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5 Transforming our AI-powered Zalando Assistant into a personal lifestyle companion that meaningfully supports the core Zalando customer journey Zalando Q2/26 Business highlights 1 High-value actions include add-to-wishlist, add-to-cart, and purchase Image upload for visual discovery Weekly roll-out of new capabilities… Customer care capabilities to provide assistance Jan JunFeb Mar Apr May ...boosts user engagement for Zalando Assistant # high-value actions1 +63% Web search to answer queries on events or fashion trends
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6 In B2C, we are doubling down on our lifestyle opportunity to increase our share of customer wallet Zalando Q2/26 Business highlights Fan homes Upgrading customer journeys in Sports Bringing Pre-owned luxury fashion to millions of Zalando customers Boot room Jersey customisations 14 European markets 50 iconic brands Launching dedicated Home & Living category 50+ brand partners 25,000+ Home & Lifestyle products
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7 Software Logistics Services ZEOS Fulfilment B2B Operating System Driving growth by winning major enterprise clients and achieving successful go-lives at ZEOS and SCAYLE Zalando Q2/26 Business highlights X X X own.com Key wins Major go-lives & extensions Fulfilment
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8 186 205 1 Gross merchandise volume after returns (GMV): dynamically reported 2 Pro-forma figures assume the consolidation of ABOUT YOU in the prior-year period. These figures are provided for illustrative purposes only to facilitate a like-for-like comparison and were not subject to financial audit 3 Excluding equity-settled share-based payment expense (“SBC”), restructuring costs, significant other non-operating one-time effects and acquisition-related expenses Group performance 2025 2026 2025 2026 2025 2026 +20.7% Group: Q2 with solid pro-forma GMV growth and increase in reported adjusted EBIT +20.8% Group GMV1 (in m EUR) Group revenue (in m EUR) +4.4% Pro-forma2 year-on-year growth +1.1% Pro-forma2 year-on-year growth 6.5% aEBIT margin 6.0% aEBIT margin +10.4% GMV & revenue • Reported: Increase primarily due to inclusion of ABOUT YOU • GMV growth was primarily driven by double-digit growth in partner business and ABOUT YOU • Revenue growth was mainly driven by strong performance in B2B and ABOUT YOU Adjusted EBIT • Group achieved synergies over 20m EUR in H1 • Zalando stand-alone adjusted EBIT margin improved year-on-year from 6.5% to 6.6% (+0.1pp yoy) driven by strong B2B profitability increase • ABOUT YOU achieved a positive adjusted EBIT, modestly impacting overall group profitability Zalando Q2/26 2,835 3,424 Group adjusted3 EBIT (in m EUR, margin in % of revenue) Q2H1 4,073 4,915 232 270 +21.0% +22.2% +5.0% Pro-forma2 year-on-year growth +2.2% Pro-forma2 year-on-year growth 4.4% aEBIT margin 4.2% aEBIT margin +16.1% 5,255 6,421 7,602 9,200
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9 4,073 4,915 1 Gross merchandise volume after returns (GMV): dynamically reported 2 Pro-forma figures assume the consolidation of ABOUT YOU in the prior-year period. These figures are provided for illustrative purposes only to facilitate a like-for-like comparison and were not subject to financial audit 3 Retail media defined as Zalando Marketing Services (ZMS) and ABOUT YOU retail media B2C Segment GMV & revenue B2C: GMV growth driven by ABOUT YOU, Lounge by Zalando and an acceleration in partner business B2C GMV1 (in m EUR) B2C GMV & revenue • ABOUT YOU and Lounge by Zalando with GMV growth above group level • Particularly strong growth across the lifestyle categories of sports and beauty • Zalando Plus served 20.1m customers in Q2 (up from 18.5m in Q1) • Revenue growth trailed GMV growth as the result of strong partner business. This development is primarily a reflection of our strategic shift toward a platform-led model Partner business • Partner business share grew +3.2pp to 36.9% of GMV for Zalando stand-alone, ABOUT YOU with low single digit partner business share that is steadily growing • Decline in group partner business share due to inclusion of ABOUT YOU Retail media • Zalando and ABOUT YOU retail media revenues in % of GMV comparable and with increasing growth momentum +20.7% +4.4% Pro-forma2 growth 33.7% 31.9% Partner business (GMV in % of B2C GMV1) (1.7)pp14.4% Yoy, GMV growth 2,576 3,099 B2C revenue (in m EUR) +20.3% (0.6)% Pro-forma2 growth 1.7% 2.0% Retail media3 (Revenue % of B2C GMV1) +0.3pp +39.5% Yoy, revenue growth Zalando Q2/26 Q2/25 Q2/26 Q2/25 Q2/26
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10 4.8 4.8 52.9 62.5 B2C: Active customer growth primarily driven by inclusion of ABOUT YOU, increase in spending from higher average basket size 61.6 63.4 298.3 307.0 1 L12M = last 12 months 2 Defined as L12M GMV divided by the number of orders 3 Defined as L12M GMV divided by the number of active customers B2C customer metrics Q2/25 Q2/26 Active customers (L12M1 in millions) Average orders per active customer (L12M1 in #) Average basket size after returns2 (L12M1 in EUR) GMV per active customer3 (L12M1 in EUR) +0.1% +2.8% +2.9% Q2/25 Q2/26 Active customers • Growth primarily driven by inclusion of ABOUT YOU as well as expansion of stand-alone customer base in Zalando and ABOUT YOU GMV per active customer • Increased spending from existing customers • Lower average spend of ABOUT YOU customers compensated by increasing spending of customers using both platforms +18.3% Zalando Q2/26
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11 43.6% (0.2)% 0.7% (0.9)% 43.2% 173.7 164.1 1 Excluding equity-settled share-based payment expense (“SBC”), restructuring costs, significant other non-operating one-time effects and acquisition-related expenses 2 Q2/26 contains (0.0)m EUR | Q2/25 EUR 0.4m EUR of inter-segment EBIT B2C segment gross margin & adjusted EBIT B2C: Profitability impacted by inclusion of ABOUT YOU’s commerce business B2C gross margin (as % of revenue) B2C adjusted1 EBIT2 (in m EUR, margin in % of revenue) (5.5)% B2C gross margin • Zalando's B2C gross margin up +0.5pp, driven by the strong growth of our partner and retail media businesses, partly offset by the cost of clearing older stock in Lounge • Inclusion of ABOUT YOU continues to temporarily dilute overall B2C gross margin; this impact will lap in July 2026, one year following completion B2C adjusted EBIT • Impact from ABOUT YOU inclusion, which still operates at a lower margin despite its strong year-on-year margin improvement • Zalando B2C stand-alone margin slightly down (0.7)pp to 6.0% driven by a temporary increase in fulfilment costs as a result of the reshaping of our logistics network, a positive one-time in the Q2 2025 base and a negative one-time effect relating to a strike among a last mile logistics provider in Belgium • While the reshaping of our logistic network is an expected headwind to our financials 2026, it is one of our building blocks to achieve our 2028 target margin. EUR 1,123m Retail EUR 1,337m +19.0% 6.7% aEBIT margin 5.3% aEBIT margin Zalando Q2/26 Q2/25 Q2/26 Q2/25 Q2/26PB and Retail Media ABOUT YOU B2C
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12 13.5% 20.6% 262 335 1 Q2/26 contains 9.0m EUR | Q2/25 3.4m EUR of inter-segment revenue 2 Pro-forma figures assume the consolidation of ABOUT YOU in the prior-year period. These figures are provided for illustrative purposes only to facilitate a like-for-like comparison and were not subject to financial audit 3 Excluding equity-settled share-based payment expense (“SBC”), restructuring costs, significant other non-operating one-time effects and acquisition-related expenses B2B segment B2B: Accelerated double-digit revenue growth translated into strong profitability increase +27.6% B2B revenue1 (in m EUR) +21.1% Pro-forma2 year-on-year growth 11 41 +7.1pp B2B gross margin (in % of revenue) B2B adjusted3 EBIT (in m EUR, margin in % of revenue) 4.3% aEBIT margin 12.2% aEBIT margin +257.7% B2B revenue • Primary driver of B2B growth was ZEOS Fulfilment, which includes both Zalando Fulfilment Solutions (ZFS) and Multi-Channel Fulfilment • Additionally, the inclusion of SCAYLE supported revenue growth • B2B’s major revenue stream is logistics as a service, complemented by fast growing software as a service revenues boosted by the inclusion of SCAYLE B2B gross margin and adjusted EBIT • Improvement was driven by increased efficiency and scale in ZEOS Fulfilment and the inclusion of software revenues from SCAYLE • Adjusted EBIT margin with exceptionally strong momentum Zalando Q2/26 Q2/25 Q2/26 Q2/25 Q2/26 Q2/25 Q2/26
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13 Gross margin • Gross margin remained stable. This reflects the 0.5pp increase in Zalando B2C gross margin, the adverse impact from the ABOUT YOU B2C inclusion and a 0.2pp increase from B2B OPEX • Consolidation impact: fulfilment, marketing, and admin costs reflect the inclusion of ABOUT YOU. • Fulfilment costs: temporary increase due to reshaping of our logistic network and one-off timing effects (including prior-year benefits), offset by operational improvements. • Other expenses: impacted by c. 42m EUR restructuring costs. Adjusted EBIT margin • Expected step down primarily driven by the first-time consolidation of ABOUT YOU, which runs at a lower margin today 1 Rounding differences may arise in the percentages and numbers in this table 2 Excluding equity-settled share-based payment expense (“SBC”), restructuring costs, significant other non-operating one-time effects and acquisition-related expenses EBIT adjustments in Q2/26 amount to 93.7m EUR (Q2/25: 40.3m EUR). See details in appendix Group P&L Group adjusted EBIT margin impacted by ABOUT YOU inclusion Q2/25 Q2/26 YoY Δ YoY Δ excl. adjustments2 Gross margin 40.8% 40.9% 0.0pp 0.1pp OPEX (35.7)% (37.6)% (1.9)pp (0.6)pp Fulfilment costs (22.1)% (23.1)% (1.0)pp (0.7)pp Marketing costs (8.7)% (9.6)% (0.9)pp (0.5)pp Admin costs & Other (4.9)% (4.9)% 0.0pp 0.6pp - Administrative costs (4.5)% (4.0)% 0.5pp 0.4pp - Other income & expenses (0.4)% (0.9)% (0.5)pp 0.2pp EBIT 5.1% 3.2% (1.9)pp Adjusted2 EBIT 6.5% 6.0% (0.6)pp Costs and margins1 (as % of revenue) Zalando Q2/26
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14 Net working capital Net working capital position driven by ABOUT YOU inclusion Net working capital (m EUR) Q2/25 Q2/26 YoY Δ Inventories 1,659 2,070 +24.8% ‘+3.9% Zalando stand-alone Trade receivables 1,004 1,112 +10.8% 4.7% Zalando stand-alone Trade payables 2,771 3,676 +32.7% +16.2% Zalando stand-alone Net working capital (108) (494) Zalando Q2/26 Inventories • Inventory excluding ABOUT YOU increased 3.9%, broadly similar to Q1 • Aligned our buying plans in retail with strong growth momentum of the partner business to maintain healthy stock levels going forward Trade payables • Trade payables increased year-on-year on the back of strong growth in partner business
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15 1,260 473 (55) (45) (235) 1,398 Q1/26 Operating cash flow Capex Lease liabilities Share buy-back Q2/26 1 Includes investments in fixed assets of (17.7)m EUR, intangible assets of (37.0)m EUR Cash position Solid cash position of ~1.4 billion EUR Cash & cash equivalents (in m EUR) 1 Zalando Q2/26 Operating cash flow • Increase in operating cash flow, mainly characterised by the increase of trade payables on the back of a growing partner business Capex • Increase due to investments in ramp-up of fulfilment centres in Germany, Poland and Sweden, higher expenditure on internally developed software, and the inclusion of ABOUT YOU Lease liabilities • Increase due to first-time consolidation of ABOUT YOU Share buy-back • Cash outflow related to the 300m EUR share buy-back programme announced in March
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16 Outlook 1 Our outlook excludes potential impact from a prolonged Middle East conflict. Any potential future impact cannot be reliably assessed at the moment 2 B2C gross merchandise volume after returns (GMV): dynamically reported 3 Excludes equity-settled share-based payment expense (“SBC”), restructuring costs, significant other non-operating one-time effects and acquisition-related expenses 4 Pro-forma figures are provided for illustrative purposes only to facilitate a like-for-like comparison and do not constitute part of the formal guidance. These figures assume the consolidation of ABOUT YOU in the prior-year period to the same extent as in FY 2025 Refining our topline guidance for FY 2026 to the lower half and narrowing adjusted EBIT range H1/26 results Growth GMV2 (in bn EUR) Lower half of 19.7 – 20.6 Lower half of +12 – 17% YoY 9.2 +21.0% YoY Revenue (in bn EUR) Lower half of 13.8 – 14.4 Lower half of +12 –17% YoY 6.4 +22.2% YoY Profitability Adjusted3 EBIT (in m EUR) 680 – 720 (previously: 660 – 740) 270 Cash Capex (in m EUR) 240 – 300 124 Net working capital position negative negative Guidance 20261 Pro-forma4: GMV and revenue growth in the lower half of the previously communicated 5% – 10% GMV range (H1: +5.0%) and 3% – 8% revenue range (H1: +2.2%) Segment level performance: • B2C: Scaling our multi-app approach and AI personalization. High partner business growth means GMV will significantly outpace revenue • B2B: Growing our operating system (ZEOS, SCAYLE, Tradebyte), with segment revenue expected to exceed overall group growth • Reported B2B revenue growth will moderately outpace B2C revenue growth Zalando Q2/26
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17 Key takeaways Zalando Q2/26 01 H1 performance: solid growth and increase in profitability GMV growth of 21.0% and revenue growth of 22.2%, increased adjusted EBIT year-on-year to 270m EUR 03 04 Outlook: Refining our full year 2026 guidance GMV and revenue growth in the lower half of 12 – 17% range, adj. EBIT range of 680 –720m EUR (prev. 660 – 740m EUR), 240 – 300m EUR capex and negative net working capital position 05 B2C: GMV growing across all three of our consumer apps - ABOUT YOU, Lounge and Zalando Partner business remains a central engine to drive growth. Concurrently, within the Zalando App we are capturing lifestyle expenditures with upgraded customer journeys in Sports, an exciting new pre-owned luxury fashion partnership and the launch of a dedicated Home & Living category B2B: Accelerated double-digit revenue growth trajectory ZEOS achieved successful go-lives, such as Marks & Spencer, while SCAYLE secured major enterprise client wins, including Wortmann Group, one of Europe’s largest shoe retailers 02 AI: Advancing our AI capabilities to bring further traction to both our B2C and B2B business Driving momentum for Zalando Assistant in B2C through various product improvements and translating our AI capabilities into scalable B2B revenue streams with SCAYLE Studios
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18 Q&A Zalando Q2/26
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19 19 Appendix Zalando Q2/26
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20 232 270 186 205 2,835 3,424 5,255 6,421 4,073 4,915 7,602 9,200 Financial performance Q2 and H1: Group Zalando Q2/26 2025 2026 2025 2026 2025 2026 +20.7% +20.8% Group GMV1 (in m EUR) Group revenue (in m EUR) +4.4% Pro-forma2 year-on-year growth +1.1% Pro-forma2 year-on-year growth 6.5% aEBIT margin 6.0% aEBIT margin +10.4% Group adjusted3 EBIT (in m EUR, margin in % of revenue) Q2H1 +21.0% +22.2% +5.0% Pro-forma2 year-on-year growth +2.2% Pro-forma2 year-on-year growth 4.4% aEBIT margin 4.2% aEBIT margin +16.1% 1 Gross merchandise volume after returns (GMV): dynamically reported 2 Pro-forma figures assume the consolidation of ABOUT YOU in the prior-year period. These figures are provided for illustrative purposes only to facilitate a like-for-like comparison and were not subject to financial audit 3 Excluding equity-settled share-based payment expense (“SBC”), restructuring costs, significant other non-operating one-time effects and acquisition-related expenses
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21 4,073 4,915 7,602 9,200 174 164 215 202 2,576 3,099 4,759 5,806 Financial performance Q2 and H1: B2C Zalando Q2/26 2025 2026 2025 2026 2025 2026 +20.7% +20.3% B2C GMV1 (in m EUR) B2C revenue (in m EUR) +4.4% Pro-forma2 year-on-year growth (0.6)% Pro-forma2 year-on-year growth 6.7% aEBIT margin 5.3% aEBIT margin (5.5)% B2C adjusted3 EBIT4 (in m EUR, margin in % of revenue) Q2H1 +21.0% +22.0% +5.0% Pro-forma2 year-on-year growth +0.7% Pro-forma2 year-on-year growth 4.5% aEBIT margin 3.5% aEBIT margin (5.8)% 1 Gross merchandise volume after returns (GMV): dynamically reported 2 Pro-forma figures assume the consolidation of ABOUT YOU in the prior-year period. These figures are provided for illustrative purposes only to facilitate a like-for-like comparison and were not subject to financial audit 3 Excluding equity-settled share-based payment expense (“SBC”), restructuring costs, significant other non-operating one-time effects and acquisition-related expenses 4 Q2/26 contains (0.0)m EUR | Q2/25 EUR 0.4m EUR of inter-segment EBIT. H1/26 contains 1.0m EUR | H1/25 0.4m EUR of inter-segment EBIT
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22 502 631 262 335 11 41 Financial performance Q2 and H1: B2B Zalando Q2/26 2025 2026 2025 2026 +27.6% B2B revenue1 (in m EUR) +21.1% Pro-forma2 year-on-year growth 4.3% aEBIT margin 12.2% aEBIT margin +257.7% B2B adjusted3 EBIT (in m EUR, margin in % of revenue) Q2H1 17 66 +25.7% +18.9% Pro-forma2 year-on-year growth 3.4% aEBIT margin 10.5% aEBIT margin +286.0% 1 Q2/26 contains 9.0m EUR | Q2/25 3.4m EUR of inter-segment revenue. H1/26 contains 16.7m EUR | H1/25 6.4m EUR of inter-segment revenue. 2 Pro-forma figures assume the consolidation of ABOUT YOU in the prior-year period. These figures are provided for illustrative purposes only to facilitate a like-for-like comparison and were not subject to financial audit 3 Excluding equity-settled share-based payment expense (“SBC”), restructuring costs, significant other non-operating one-time effects and acquisition-related expenses
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23 P&L Q2 and H1: group Zalando Q2/26 1 Rounding differences may arise in the percentages and numbers in this table 2 Excluding equity-settled share-based payment expense (“SBC”), restructuring costs, significant other non-operating one-time effects and acquisition-related expenses EBIT adjustments in H1/26 amount to 238.2m EUR (H1/25: 65.6m EUR) and EBIT adjustments in Q2/26 amount to 93.7m EUR (Q2/25: 40.3m EUR) . See details in on the next slide H1/25 H1/26 YoY Δ YoY Δ excl. adjustments2 Q2/25 Q2/26 YoY Δ YoY Δ excl. adjustments2 Gross margin 40.0% 40.0% 0.0pp 0.0pp 40.8% 40.9% 0.0pp 0.1pp OPEX (36.9)% (39.5)% (2.7)pp (0.2)pp (35.7)% (37.6)% (1.9)pp (0.6)pp Fulfilment costs (23.2)% (24.0)% (0.8)pp (0.6)pp (22.1)% (23.1)% (1.0)pp (0.7)pp Marketing costs (8.7)% (9.4)% (0.7)pp (0.3)pp (8.7)% (9.6)% (0.9)pp (0.5)pp Admin costs & Other (5.0)% (6.1)% (1.2)pp 0.7pp (4.9)% (4.9)% 0.0pp 0.6pp - Administrative costs (4.8)% (4.2)% 0.6pp 0.6pp (4.5)% (4.0)% 0.5pp 0.4pp - Other income & expenses (0.1)% (1.9)% (1.7)pp 0.1pp (0.4)% (0.9)% (0.5)pp 0.2pp EBIT 3.2% 0.5% (2.7)pp 5.1% 3.2% (1.9)pp Adjusted2 EBIT 4.4% 4.2% (0.2)pp 6.5% 6.0% (0.6)pp Costs and margins1 (as % of revenue)
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24 In m EUR Q2/25 Q2/26 Change H1/25 H1/26 Change EBIT 145.2 111.1 (34.1) 166.6 31.4 (135.2) Share-based compensation 20.5 27.9 +7.4 41.2 56.0 +14.8 Acquisition related expenses2 4.9 33.1 +28.2 9.5 52.8 +43.3 Other one-time effects 0.0 (9.4) (9.4) 0.0 (9.4) (9.4) Restructuring costs 14.9 42.1 +27.2 14.9 138.9 +124.0 Adjusted1 EBIT 185.5 204.8 +19.3 232.3 269.6 +37.3 EBIT adjustments Q2 and H1 1 Excluding equity-settled share-based payment expense (“SBC”), restructuring costs, significant other non-operating one-time effects and acquisition-related expenses 2 Acquisition-related expenses mostly driven by the ABOUT YOU acquisition and the related amortisation of acquired brands and customer relationships as well as integration costs and other one-time effects Zalando Q2/26
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25 Stock options programmes senior management (as of 30 June 2026) Program # Options outstanding Weighted average exercise price (EUR) EIP2 229,895 31.45 ZOP 2019 7,997,384 22.34 LTI 1,278,461 0.20 Total 9,505,740 19.58 Share information ¹ Only to 35% to be settled with new shares, remaining backed by treasury shares 2 Settled with new shares Issued share capital Share information (as of 30 June 2026) Type of shares Ordinary bearer shares with no-par value (Stückaktien) Stock exchange Frankfurt Stock Exchange Market segment Regulated Market (Prime Standard) Index listings DAX Total number of shares outstanding 250,249,984 Issued capital 250,249,984 EUR Stock options programmes management board (as of 30 June 2026) Program # Options outstanding Weighted average exercise price (EUR) LTI 2018 1 4,296,949 47.44 LTI 2021 625,656 23.51 LTI 2024 1,443,129 24.30 ZOP 2021 311,978 17.82 Total 6,677,712 38.81 Zalando Q2/26
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26 Investor Relations Zalando Investor Relations team Patrick Kofler Director of IR Patrick.Kofler@zalando.de Dorothee Schultz Senior Manager ESG IR Dorothee.Schultz@zalando.de Andrea Frese Senior Manager IR Andrea.Frese@zalando.de Nils Pöppinghaus Senior Manager IR Nils.Poeppinghaus@zalando.de Ignacio Azpitarte Garay Manager IR Ignacio.Azpitarte.Garay@zalando.de Team contact T: +49 3020 9681 584 Zalando SE Valeska-Gert-Straße 5 10243 Berlin investor.relations@zalando.de https://corporate.zalando.com/en Zalando Q2/26
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27 Certain statements in this communication may constitute forward looking statements. These statements are based on assumptions that are believed to be reasonable at the time they are made, and are subject to significant risks and uncertainties. You should not rely on these forward-looking statements as predictions of future events and we undertake no obligation to update or revise these statements. Our actual results may differ materially and adversely from any forward-looking statements discussed on this call due to a number of factors, including without limitation, risks from macroeconomic developments, external fraud, inefficient processes at fulfilment centres, inaccurate personnel and capacity forecasts for fulfilment centres, hazardous material / conditions in production with regard to private labels, lack of innovation capabilities, inadequate data security, lack of market knowledge, risk of strike and changes in competition levels. Disclaimer Zalando Q2/26