Key figures 2025

March 12, 2026
Investor Relations

2025

2024

Change

Key performance
indicators

Gross merchan-
dise volume
(GMV*)
(in m EUR)

17,560.2

15,311.3

14.7%

Revenue
(in m EUR)

12,346.1

10,572.5

16.8%

Adjusted EBIT
(in m EUR)

590.7

511.1

15.6%

Adjusted EBIT
margin (as %)

4.8

4.8

0.0pp

EBIT
(in m EUR)

387.2

391.9

-1.2%

EBIT margin
(as %)

3.1

3.7

-0.6pp

Capex
(in m EUR)

-222.5

-206.9

7.6%

Active customers
(LTM**) (in m)

62.0

51.8

19.7%

Number of
orders (in m)

278.6

251.0

11.0%

Average GMV*
per active
customer
(LTM**) (in EUR)

302.6

295.7

2.3%

Average orders
per active
customer
(LTM**)

4.8

4.8

-0.6%

Average basket
size (LTM**)
(in EUR)

62.8

61.0

3.0%

Other key figures

Net working
capital
(in m EUR)

-676.0

-269.3

>100%

Equity ratio
(as % of total
assets)

30.5

33.4

-2.9pp

Cash flow from
operating
activities
(in m EUR)

1,126.3

654.1

72.2%

Cash flow from
investing
activities
(in m EUR)

-1,080.3

-269.8

>100%

Free cash flow
(in m EUR)

-2.9

379.4

>100%

Cash and cash
equivalents
(in m EUR)

1,877.4

2,587.8

-27.5%

Average number
of employees

16,582

15,309

8.3%

Basic earnings
per share
(in EUR)

0.83

0.97

-14.8%

Diluted earnings
per share
(in EUR)

0.82

0.96

-14.8%

pp = percentage points

Rounding differences may arise in the percentages and numbers provided in this annual report.

*) GMV (gross merchandise volume) is defined as the value of all merchandise sold to customers after cancellations and returns and including VAT, dynamically reported. It includes neither B2B revenues (e.g. ZEOS services) nor other B2C revenues (e.g. partner business commissions, retail media business and service charges like express delivery fees); these are included in revenue only. GMV is recorded based on the time of the customers’ order. Due to the dynamic reporting of GMV, prior-year figures may deviate from former published reports.

**) Calculated based on the last 12 months (LTM)