‌Zalando Q1 2026 Fact Sheet 6 May, 2026 Highlights

  • Strong start to the year with GMV growth of +21.7% (pro-forma*: +6.0%) and revenue growth of +23.8% (pro-forma*: +3.4%). Adjusted EBIT increased year-on-year to 64.8m EUR

  • In B2C, reported revenues grew by +24.0% to 2.7bn EUR, accompanied by an adjusted EBIT 38.2m EUR, with active customers reaching 62.3m and strong growth of +31.4% in retail media

  • In B2B, reported revenue rose +23.6% to 0.3bn EUR, fueled by the strong momentum of ZEOS Fulfilment and the inclusion of SCAYLE, while adjusted EBIT surged to 25.6m EUR

  • Confirming our full year 2026 guidance

    Key performance indicators**

    Q1/25

    Q1/26

    Δ YoY

    Gross merchandise volume (GMV) (in m EUR)

    3,528.4

    4,294.3

    +21.7%

    Group revenue (in m EUR)

    2,419.5

    2,996.1

    +23.8%

    Group adj. EBIT (in m EUR)

    46.7

    64.8

    +38.7%

    Group adj. EBIT margin (as % of revenue)

    1.9%

    2.2%

    +0.3pp

    Active customers (m, last 12 months)

    52.4

    62.3

    +18.8%

    Number of orders (m)

    58.5

    69.5

    +18.7%

    Average orders per active customer (#times, last 12 months)

    4.9

    4.8

    (0.2)%

    Average GMV per active customer (in EUR, last 12 months)

    296.7

    305.2

    +2.9%

    Average basket size (in EUR, last 12 months)

    61.2

    63.1

    +3.1%

    Net working capital (in m EUR)

    (85.9)

    (239.9)

    (154.0)

    Capex (in m EUR)

    (33.6)

    (69.7)

    +36.1

    Results by segment (in m EUR)**

    B2C revenue

    2,182.5

    2,707.2

    +24.0%

    B2B revenue

    240.0

    296.7

    +23.6%

    B2C adj. EBIT

    41.0

    38.2

    (6.9)%

    B2B adj. EBIT

    5.8

    25.6

    +341.4%

    B2C adj. EBIT margin (as % of revenue)

    1.9%

    1.4%

    (0.5)pp

    B2B adj. EBIT margin (as % of revenue)

    2.4%

    8.6%

    +6.2pp

    Cash flows (in m EUR)**

    Cash and cash equivalents

    1,959.4

    1,259.7

    (699.7)

    Cash flow from operating activities

    (143.0)

    (438.2)

    (295.2)

    Cash flow from investing activities

    (452.1)

    (74.7)

    +377.4

    Cash flow from financing activities and other

    (33.2)

    (104.8)

    (71.6)

    Free cash flow

    (192.1)

    (512.9)

    (320.8)

    Confirming our guidance for FY 2026***:

  • Reported: GMV expected in a range of 19.7bn to 20.6bn EUR (+12% to +17%) and revenue of 13.8bn to 14.4bn EUR (+12% to +17%)

  • Pro-forma*: GMV and revenue growth of +5% to +10% and +3% to +8%, respectively

  • Adjusted EBIT between 660m to 740m EUR driven by further efficiencies in our OPEX lines and an accelerated delivery of synergies around 40m EUR in 2026

  • Capex guidance at 240m to 300m EUR and net working capital expected to remain negative

* 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

** Definitions are available in the financial reports

*** Our outlook excludes potential impact from a prolonged Middle East conflict. Any potential future impact cannot be reliably assessed at the moment

Investor Relations contact

Phone: +49 30 20 9681 584

E-mail: investor.relations@zalando.de Homepage: https://corporate.zalando.com/en/ir

Patrick Kofler - Director IR patrick.kofler@zalando.de

Nils Pöppinghaus - Senior Manager IR nils.poeppinghaus@zalando.de Andrea Frese - Senior Manager IR andrea.frese@zalando.de

Dorothee Schultz - Senior Manager IR-ESG dorothee.schultz@zalando.de Ignacio Azpitarte Garay - Manager IR ignacio.azpitarte.garay@zalando.de

Attachments

  • Original document
  • Permalink

Disclaimer

Zalando SE published this content on May 06, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2026 at 05:13 UTC.