Zalando delivers another quarter of profitable growth in Q2, accelerates B2B expansion and continues innovating through AI

• Group GMV on a reported basis grew 20.7% to 4.9 billion euros in Q2, group revenue reached 3.4 billion euros
• Group adjusted EBIT rose 10% to 205 million euros, with synergies from ABOUT YOU acquisition contributing more than 10 million euros
• Business-to-Consumer (B2C) saw GMV growth across all three consumer apps, with ABOUT YOU and partner business remaining a central growth engine. The number of active customers reaches 62.5 million, up 18.3%
• Business-to-Business (B2B) revenue grew 27.6% on a reported basis to 335 million euros. Adjusted EBIT grew to 41 million euros, lifting the B2B margin to 12.2%
• AI-powered content platform SCAYLE STUDIOS scales to more than 100 brands within 2.5 months of launch, allowing them to create fashion content digitally, cutting content production time by more than 95% and costs by around 90%
• In line with market expectations, Zalando refines full-year guidance now expecting 2026 GMV and revenue growth in the lower half of its previously communicated range
• Full-year adjusted EBIT guidance narrows to 680 million to 720 million euros, from previously 660 million to 740 million euros

Berlin, 4 August 2026 // Zalando SE (“Zalando”), Europe’s leading technology platform for fashion and lifestyle, delivered strong profit increases and accelerated B2B growth in the second quarter, aided by fast-scaling AI capabilities driving both growth and efficiency.

Adjusted EBIT increased 10% year-on-year to 205 million euros, with synergies from the ABOUT YOU acquisition contributing more than 10 million euros. The 6.0% margin reflects the consolidation of ABOUT YOU, acquired last year, while Zalando's stand-alone margin improved to 6.6%. Group gross merchandise volume (GMV) grew 20.7% on a reported basis to 4.9 billion euros.

“Our fast-scaling AI capabilities are already delivering measurable benefits in driving both growth and efficiency across B2C and B2B,” said Robert Gentz, Co-CEO of Zalando. “Innovations like our AI-powered SCAYLE STUDIOS and the upgraded Zalando Assistant are fundamentally transforming how our partners operate and how our customers discover fashion.”

AI capabilities gain commercial traction in B2B and B2C

Zalando continued translating its AI capabilities into scalable B2C and B2B revenue streams. A prime example is SCAYLE STUDIOS, an AI-powered fashion and lifestyle content studio compressing e-commerce production from weeks to minutes. It combines images, models, styling, and settings into a single self-service workflow via the B2B software unit SCAYLE.

Within just 2.5 months of launch, SCAYLE STUDIOS grew to over 100 live brands, including ABOUT YOU and enterprise customers like s.Oliver Group, Betty Barclay Group, and Goldner Fashion.

Moving brands from sample to production-ready imagery significantly faster, it shortens time-to-market by more than 95% and reduces content creation costs by around 90%.

Customer-facing, the Zalando Assistant continued its evolution from a conversational tool into a proactive lifestyle companion. Between January and June, Zalando saw a 63% increase in high-value interactions. New releases added web search for trend-driven queries, deeper customer care integration and visual discovery via image uploads.

B2C: Multi-app approach helps to deliver solid GMV growth

Zalando's multi-app approach underpinned its Q2 B2C performance. GMV grew across all three consumer apps - Zalando, ABOUT YOU, and Lounge by Zalando - with notable strength in Sports and Beauty. Active customers reached a new high of 62.5 million, up 18.3%, driven by the ABOUT YOU inclusion and stand-alone growth. High-margin retail media revenue surged 39.5% year-on-year.

The partner business is accelerating faster than expected. In the second quarter, the partner business gained 3.2 percentage points to reach 36.9% of Zalando's stand-alone B2C GMV - and 31.9% on a group level including ABOUT YOU - highlighting the shift toward a higher-margin, capital-light model.

Advancing its lifestyle ambitions, Zalando introduced dedicated Sports journeys, including club-specific "Fan Homes" and a "Boot Room.” German football jersey sales nearly doubled during the World Cup 2026 compared to Euro 2024. It also entered a pre-owned luxury partnership with Vestiaire Collective across 14 markets and launched a Home & Living category.

B2B: strong growth momentum and margin expansion

In B2B, the company saw a very strong quarter. Zalando is opening up its logistics infrastructure, software, and service capabilities to be a key enabler for brands' and retailers' e-commerce transactions with its ZEOS operating system, regardless of whether they take place on or off its platform. Revenue reached 335 million euros, up 27.6% reported. B2B adjusted EBIT rose to 41 million euros from 11 million a year earlier. The margin expanded to 12.2% from 4.3%, driven by ZEOS Fulfilment scale efficiencies and higher-margin SCAYLE software revenue.

Enterprise momentum is continuing as the strategic partnership with Marks & Spencer is going live for a 22-market rollout, the NEXT collaboration expanded to ABOUT YOU’s marketplace, and SCAYLE further strengthened its position across verticals in DACH and the UK through key enterprise wins. Wortmann Group as well as roastmarket, Bike Components, and HMV selected SCAYLE's commerce platform to power their online shops.

Outlook for 2026

For the 2026 financial year, Zalando now expects, on a reported basis, GMV and revenue growth in the lower half of its previous 12% to 17% range in line with market expectations. The full-year adjusted EBIT guidance is narrowed to between 680 million and 720 million euros, from previously 660 million to 740 million euros.

Zalando's view of second-half trading dynamics is unchanged, and the full-year guidance refinement reflects the first half already delivered and not a change in expectations for the remainder of the year. The company has increased confidence in reaching the midpoint of its adjusted EBIT range, reflecting continued synergy delivery, expected second-half benefits from its logistics network
reshaping, ongoing efficiency initiatives, and strong growth in its higher-margin partner, software, and retail media businesses.

"The resilience of our profitability reflects the quality and mix of our earnings, including the shift toward our higher-margin partner business and retail media, B2B scaling, and disciplined cost management supported by AI," said Anna Dimitrova, CFO of Zalando. "Our focus is - as always - executing our strategy, investing in the immense opportunities ahead, and delivering a strong, high-
quality financial performance in 2026.”

The Q2 2026 financial report, as well as the earnings presentation for analysts and investors, is available on the Zalando Investor Relations website.

Zalando will report the results for the third quarter 2026 on 3 November 2026.

Zalando at a glance

* Definitions are available in the Annual Report 2025
** Including ABOUT YOU results from the 11 July 2025 closing date onwards
*** LTM-based KPIs are calculated based on the last twelve months including ABOUT YOU for the full year, while all other KPIs consider ABOUT YOU starting on 11 July 2025.