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Original-Research: Zalando SE - from Quirin Privatbank Kapitalmarktgeschäft

07.11.2025 / 09:55 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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invitation to conclude certain stock exchange transactions.

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Classification of Quirin Privatbank Kapitalmarktgeschäft to Zalando SE

Company Name: Zalando SE
ISIN: DE000ZAL1111

Reason for the research: Update
Recommendation: Buy
from: 07.11.2025
Target price: 38.40
Last rating change:
Analyst: Ralf Marinoni

Q3-25: Development more than solid

In Q3-25, Zalando continued on its profitable growth path and reported Gross
Merchandise Volume (GMV) growth of 21.6% to EUR 4.2bn and revenue growth of
26.5% to EUR 3.0bn, driven predominantly by the inclusion of ABOUT YOU. The
adjusted EBIT slightly improved to EUR 96.3m (Q3-24: EUR 92.7m). The small
EBIT growth comes as no surprise, as ABOUT YOU has not yet reached Zalando's
level of profitability. On a pro-forma basis as of 11 July, assuming ABOUT
YOU had been part of the group in the prior-year period, third-quarter GMV
increased by 6.7%, while revenue grew by 7.5% compared with the same period
last year. A highlight was the development of the B2B segment: the company
achieved combined revenues exceeding EUR 277m, marking a 15.6% increase yoy.
Much more impressive was its adjusted EBIT that reached EUR 19.6m (Q3-24:
EUR 6.7m), with the adjusted EBIT margin seeing a strong increase of 4.3
percentage points, reaching 7.1%.
Our new EUR 38.40 TP reflects no change in estimates, but rather a) updated
peer group multiples and b) more important a lower cash position as a result
of the ABOUT YOU acquisition. Consequently, the recommendation remains Buy

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=3bf5ef8e6032efe2338b9868264927c5
For additional information visit our website:
https://research.quirinprivatbank.de/

Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/

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2225926 07.11.2025 CET/CEST

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