Slides
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Zalando Q3 Earnings Call Speaker: Anna Dimitrova, CFO 3 November 2026
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2 Executive Summary Zalando Q3 2026 01 Q3 performance: We gained business momentum and increased profitability Reported GMV and revenue grew +7.5% (pro-forma: +6.1%) and +5.1% (pro-forma: +3.3%), respectively, while adjusted EBIT rose +10.6% year-on-year to 107m EUR 04 Outlook: Confirming our full year 2026 guidance from August GMV and revenue growth in the lower half of 12 – 17% range, adj. EBIT range of 680 – 720m EUR, 240 – 300m EUR capex and negative net working capital position 05 B2B: Accelerated double-digit revenue growth trajectory ZEOS secured additional key wins and SCAYLE expanded its merchant base with major additions in the U.S. and in the U.K. 02 AI: Agentic commerce enables new customer journeys, and we are at the forefront We are opening new growth opportunities with our new Zalando Extended agentic commerce experience. 03 B2C: Solid traction across all three apps, with Zalando and Lounge improving In the Zalando App, the shift to a platform business model is accelerating with double-digit growth in partner business and retail media
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3 Zalando Q3 2026 Business highlights Growth Personalised shopping Retail media Value added services Efficiency + Operational excellence Faster decision making Cost & resource savings Billions of customer interactions give us the ultimate AI advantage, driving growth and efficiency
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4 Zalando Q3 2026 Agentic commerce enables new customer journeys, and we are at the forefront In-App Inbound Outbound 4 Zalando Assistant Google UCP Pilot ChatGPT Ads Pilot Zalando Extended first pilot partner for the Home & Living category
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5 Software Logistics Services ZEOS Fulfilment Our B2B solutions continue to gain traction with ZEOS securing key wins and SCAYLE building further momentum in the U.S. and U.K. Zalando Q3 2026 Business highlights SCAYLE adding substantial scale across key markets B2B Operating SystemZEOS is the turnkey solution for own e-com and marketplace fulfilment Home & Family Multi-category Premium off-price Lingerie, swimwear, and women's fashion brand Ready-to-wear clothing & lifestyle retailer Athletic wear & sportswear brand SCAYLE Commerce Engine SCAYLE STUDIOS Premium Fashion
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6 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 +7.5% Group: Q3 delivers improved GMV and revenue growth alongside increased adjusted EBIT +5.1% Group GMV1 (in m EUR) Group revenue (in m EUR) +6.1% Pro-forma2 year-on-year growth +3.3% Pro-forma2 year-on-year growth 3.2% aEBIT margin 3.4% aEBIT margin +10.6% GMV & revenue • GMV increased across all three consumer apps. The improvement was led by our core Zalando App and the scaling of the partner business alongside strong momentum in Lounge • Revenue growth was mainly driven by strong performance in Retail Media and B2B • Reported vs. pro-forma: remaining difference reflects ABOUT YOU inclusion date of July 11th Adjusted EBIT • Adjusted EBIT margin expanded by 0.2 percentage points to 3.4%, supported by lower fulfilment costs, synergies and B2B, partially offset by targeted investments in attractive offers for our customers and marketing investments • ABOUT YOU profitability continues to improve • In Q3, we delivered mid-teens millions in group synergies Zalando Q3 2026 Group adjusted3 EBIT (in m EUR, margin in % of revenue) Q39M +16.2% +16.0% 96 107 +5.4% Pro-forma2 year-on-year growth +2.6% Pro-forma2 year-on-year growth 4.0% aEBIT margin 3.9% aEBIT margin +14.5% 4,219 4,537 11,820 13,731 329 376 8,275 9,595 3,021 3,175
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7 4,219 4,537 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 and revenue improvement driven by Zalando and Lounge, with continued strong momentum in partner business B2C GMV1 (in m EUR) B2C GMV & revenue • We saw strong growth in our fashion categories, directly benefiting from a higher partner share. Additionally, our lifestyle categories such as Beauty and Sports grew strongly. • Zalando Plus served 22.0m customers in Q3 (up from 20.1m in Q2) • Revenue growth trailed GMV growth as a result of strong partner business momentum, reflecting our strategic shift toward a platform-led model. Partner business • Strong growth is coming from all types of partners on our platform Retail media • Growth reflects lapping of ABOUT YOU inclusion +7.5% +6.1% Pro-forma2 growth Partner business (GMV in % of B2C GMV1) +2.9pp 2,752 2,829 B2C revenue (in m EUR) +2.8% +0.9% Pro-forma2 growth Retail media3 (Revenue % of B2C GMV1) +0.2pp +17.8% YoY, revenue growth Zalando Q3 2026 Q3/25 Q3/26 Q3/25 Q3/26 1.8% 2.0% +17.8% YoY, GMV growth 30.7% 33.6%
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8 4.9 4.9 B2C: Quarter-on-quarter active customers increased by over 600k, thereby supporting the improvement in B2C growth 61.6 63.3 299.3 308.0 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 Q3/25 Q3/26 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) +0.2% +2.7% +2.9% Q3/25 Q3/26 Active customers • Growth driven by more loyal customers across all three apps GMV per active customer • Increased spending from existing customers primarily driven by larger average basket sizes as a result of an increased share of cross-category shoppers +2.9% Zalando Q3 2026 61.4 63.2 Q2/26: 62.5m
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9 76.6 64.4 1 Excluding equity-settled share-based payment expense (“SBC”), restructuring costs, significant other non-operating one-time effects and acquisition-related expenses 2 Q3/26 contains (0.1)m EUR | Q3/25 contains 0.2m EUR of inter-segment EBIT B2C segment gross margin & adjusted EBIT B2C: Profitability impacted by targeted investments in attractive offers for our customers and marketing investments B2C gross margin (as % of revenue) B2C adjusted1 EBIT2 (in m EUR, margin in % of revenue) (15.9)% EUR 1,149m EUR 1,161m +1.0% 2.8% aEBIT margin 2.3% aEBIT margin Zalando Q3 2026 Q3/25 Q3/26 41.8% 41.0%Q3/25 Q3/26 B2C gross margin • Decline was primarily driven by targeted investments in attractive offers for our customers in our retail business, especially in sneakers • At the same time, our gross margin continues to benefit from positive contributions from our partner and retail media businesses B2C adjusted EBIT • Margin was down 0.5pp driven by gross margin decline and year-on-year higher marketing spend, reflecting an earlier start to the autumn/winter campaign and marketing activities around the World Cup • Higher synergies and lower fulfilment costs partially offset these effects (0.7)pp
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10 277 354 1 Q3/26A contains (8.9)m EUR | Q3/25A contains (8.2)m 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: Continued accelerated double-digit revenue growth translates into improved profitability +27.9% B2B revenue1 (in m EUR) +27.2% Pro-forma2 year-on-year growth +2.2pp B2B gross margin (in % of revenue) B2B adjusted3 EBIT (in m EUR, margin in % of revenue) 7.1% aEBIT margin 11.9% aEBIT margin +115.3% B2B revenue • Primary driver of B2B growth was ZEOS Fulfilment, which includes both Zalando Fulfilment Solutions (ZFS) and Multi-Channel Fulfilment • ZFS maintained its strong growth trajectory by successfully keeping pace with the scaling of the partner business • B2B’s major revenue stream is logistics-as-a-service, complemented by software-as-a-service revenues from SCAYLE and Tradebyte B2B gross margin and adjusted EBIT • Improvement was driven by overhead leverage and a higher gross margin from scaling ZEOS Zalando Q3 2026 Q3/25 Q3/26 Q3/25 Q3/26 Q3/25 Q3/26 18.4% 20.6% 20 42
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11 Gross margin • Gross margin decreased due to targeted investments in attractive offers for our customers in B2C and strong growth in B2B which comes with lower gross margins OPEX • Fulfilment costs: driven by the lapping of ramp-up costs at our Paris and Giessen logistics sites, alongside other operational efficiencies • Other expenses: impacted by ~58m EUR restructuring costs Adjusted EBIT margin • Slightly up reflecting structured improvement in fulfilment costs 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 Q3/26 amount to 93.4m EUR (Q3/25: 47.2m EUR). See details in appendix Group P&L Increase in group adjusted EBIT margin driven by lower fulfilment costs Q3/25 Q3/26 YoY ∆ YoY ∆ excl. adjustments2 Gross margin 39.6% 38.7% (0.9)pp (0.9)pp OPEX (37.9)% (38.3)% (0.3)pp 1.0pp Fulfilment costs (24.3)% (23.6)% 0.8pp 0.9pp Marketing costs (9.3)% (9.4)% (0.1)pp 0.0pp Admin costs & Other (4.3)% (5.3)% (0.9)pp 0.1pp - Administrative costs (4.3)% (3.6)% 0.7pp 0.1pp - Other income & expenses 0.0% (1.7)% (1.7)pp 0.0pp EBIT 1.6% 0.4% (1.2)pp Adjusted2 EBIT 3.2% 3.4% 0.2pp Costs and margins1 (as % of revenue) Zalando Q3 2026
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12 Net working capital Net working capital position driven by higher partner business share Net working capital (m EUR) Q3/25 Q3/26 YoY ∆ Inventories 2,523 2,515 (0.3)% Trade receivables 982 1,035 +5.4% Trade payables 3,646 3,974 +9.0% Net working capital (141) (424) Zalando Q3 2026 Inventories • Growth in inventories in line with retail topline growth Trade payables • Trade payables increased year-on-year on the back of strong growth in partner business
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13 Operating cash flow • Impacted by seasonal net working capital changes as we received inventory for autumn/winter season • Furthermore, cash outflows for the Erfurt restructuring and ABOUT YOU integration partially materialized in Q3, reflecting costs already provisioned for in earlier quarters of 2026 Capex • Capex was driven by investments in fulfilment centres and further automation, particularly in Sweden and Germany, as well as continued investment in internally developed software 1,398 (57) (66) (57) 1,217 Q2/26 Operating cash flow Capex & other Lease liabilities & other Q3/26 1 Includes investments in fixed assets of (26.8)m EUR and intangible assets of (34.3)m EUR as well as payments for acquisitions (5.0)m EUR 2 Includes lease liabilities of (59.7)m EUR, payments received from capital increases and option exercises 0.5m EUR and effect of exchange rate changes on cash and cash equivalents of 1.7m EUR Cash position Solid cash position of ~1.2 billion EUR Cash & cash equivalents (in m EUR) 1 Zalando Q3 2026 2
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14 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 Confirming our FY 2026 guidance 9M results Growth GMV2 (in bn EUR) Lower half of 19.7 – 20.6 Lower half of +12 – 17% YoY 13.7 +16.2% YoY Revenue (in bn EUR) Lower half of 13.8 – 14.4 Lower half of +12 – 17% YoY 9.6 +16.0% YoY Profitability Adjusted3 EBIT (in m EUR) 680 – 720 376 Cash Capex (in m EUR) 240 – 300 186 Net working capital position negative negative Guidance 20261 Pro-forma4: GMV and revenue growth in the lower half of 5% – 10% GMV range (9M: +5.4%) and 3% – 8% revenue range (9M: +2.6%) Segment level performance: • B2C: Scaling our multi-app approach and AI personalisation. 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 Q3 2026
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15 Key takeaways Zalando Q3 2026 01 Q3 performance: We gained business momentum and increased profitability Reported GMV and revenue grew +7.5% (pro-forma: +6.1%) and +5.1% (pro-forma: +3.3%), respectively, while adjusted EBIT rose +10.6% year-on-year to 107m EUR 04 Outlook: Confirming our full year 2026 guidance from August GMV and revenue growth in the lower half of 12 – 17% range, adj. EBIT range of 680 – 720m EUR, 240 – 300m EUR capex and negative net working capital position 05 B2B: Accelerated double-digit revenue growth trajectory ZEOS secured additional key wins and SCAYLE expanded its merchant base with major additions in the U.S. and in the U.K. 02 AI: Agentic commerce enables new customer journeys, and we are at the forefront We are opening new growth opportunities with our new Zalando Extended agentic commerce experience. 03 B2C: Solid traction across all three apps, with Zalando and Lounge improving In the Zalando App, the shift to a platform business model is accelerating with double-digit growth in partner business and retail media
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16 Q&A Zalando Q3 2026
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17 17 Appendix Zalando Q3 2026
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18 77 64 291 267 2,752 2,829 Financial performance Q3 and 9M: B2C Zalando Q3 2026 +2.8% B2C GMV1 (in m EUR) B2C revenue (in m EUR) +0.9% Pro-forma2 year-on-year growth 2.8% aEBIT margin 2.3% aEBIT margin (15.9)% B2C adjusted3 EBIT4 (in m EUR, margin in % of revenue) +15.0% +0.8% Pro-forma2 year-on-year growth 3.9% aEBIT margin 3.1% aEBIT margin (8.4)% 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 Q3/26 contains (0.1)m EUR | Q3/25 EUR 0.2m EUR of inter-segment EBIT. 9M/26 contains 0.9m EUR | 9M/25 0.6m EUR of inter-segment EBIT 11,820 13,731 +7.5% +6.1% Pro-forma2 year-on-year growth Q39M +16.2% +5.4% Pro-forma2 year-on-year growth 4,219 4,537 7,510 8,635 2025 2026 2025 2026 2025 2026 Appendix
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19 277 354 20 42 Financial performance Q3 and 9M: B2B Zalando Q3 2026 2025 2026 2025 2026 +27.9% B2B revenue1 (in m EUR) +27.2% Pro-forma2 year-on-year growth 7.1% aEBIT margin 11.9% aEBIT margin +115.3% B2B adjusted3 EBIT (in m EUR, margin in % of revenue) Q39M 37 109 +26.5% +21.8% Pro-forma2 year-on-year growth 4.7% aEBIT margin 11.0% aEBIT margin +195.1% 1 Q3/26 contains (8.9)m EUR | Q3/25 (8.2)m EUR of inter-segment revenue. 9M/26 contains (25.7)m EUR | 9M/25 (14.7)m 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 779 986 Appendix
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20 P&L Q3 and 9M: group Zalando Q3 2026 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 9M/26 amount to 331.6m EUR (9M/25: 112.8m EUR) and EBIT adjustments in Q3/26 amount to 93.4m EUR (Q3/25: 47.2m EUR) . See details on the next slide 9M/25 9M/26 YoY ∆ YoY ∆ excl. adjustments2 Q3/25 Q3/26 YoY ∆ YoY ∆ excl. adjustments2 Gross margin 39.9% 39.6% (0.3)pp (0.3)pp 39.6% 38.7% (0.9)pp (0.9)pp OPEX (37.2)% (39.1)% (1.9)pp 0.2pp (37.9)% (38.3)% (0.3)pp 1.0pp Fulfilment costs (23.6)% (23.9)% (0.3)pp (0.1)pp (24.3)% (23.6)% 0.8pp 0.9pp Marketing costs (8.9)% (9.4)% (0.5)pp (0.2)pp (9.3)% (9.4)% (0.1)pp 0.0pp Admin costs & Other (4.7)% (5.8)% (1.1)pp 0.5pp (4.3)% (5.3)% (0.9)pp 0.1pp - Administrative costs (4.6)% (4.0)% 0.6pp 0.4pp (4.3)% (3.6)% 0.7pp 0.1pp - Other income & expenses (0.1)% (1.8)% (1.7)pp 0.1pp 0.0% (1.7)% (1.7)pp 0.0pp EBIT 2.6% 0.5% (2.1)pp 1.6% 0.4% (1.2)pp Adjusted2 EBIT 4.0% 3.9% (0.1)pp 3.2% 3.4% 0.2pp Costs and margins1 (as % of revenue) Appendix
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21 In m EUR Q3/25 Q3/26 Change 9M/25 9M/26 Change EBIT 49.1 13.1 (36.0) 215.8 44.5 171.2 Share-based compensation 21.1 22.6 +1.5 62.3 78.5 +16.2 Acquisition-related expenses2 21.2 21.7 +0.5 30.8 74.5 +43.7 Restructuring costs 4.9 58.1 +53.2 19.8 197.0 +177.2 Other one-time effects 0.0 (9.0) (9.0) 0.0 (18.3) (18.3) Adjusted1 EBIT 96.3 106.5 +10.2 328.6 376.2 +47.6 EBIT adjustments Q3 and 9M 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 Q3 2026 Reversal of office impairments Appendix
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22 Stock options programmes senior management (as of 30 September 2026) Program # Options outstanding Weighted average exercise price (EUR) EIP2 229,551 31.49 ZOP 2019 8,207,339 21.38 LTI 1,262,507 0.20 Total 9,699,397 18.86 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 September 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 250,250,456 Issued capital 250,250,456 EUR Stock options programmes management board (as of 30 September 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 271,776 20.31 Total 6,637,510 39.04 Zalando Q3 2026
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23 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 (0) 30 20 9681 584 Zalando SE Valeska-Gert-Straße 5 10243 Berlin investor.relations@zalando.de https://corporate.zalando.com/en Zalando Q3 2026
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24 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 Q3 2026