Zalando SE Q2 2026 Earnings Recap

Zalando's shares dropped 16% as investors reacted negatively to the company’s downward revision of its 2026 growth guidance and a cautious outlook despite ongoing investments in AI and platform expansion.

Key Takeaways

• The company narrowed its 2026 GMV and revenue growth guidance to the lower half of the original 12%-17% range, signaling softer demand mainly in the sneakers category.
• Adjusted EBIT guidance was tightened to EUR 680 million–720 million, reflecting margin pressure and moderated profit expectations despite prior double-digit EBIT growth.
• Group Q2 revenue and GMV continued to grow (reported GMV +21%, revenue +22% year-on-year), but on a like-for-like basis including ABOUT YOU, GMV growth was only mid-single digits.
• AI initiatives are progressing, including AI-generated content through SCAYLE Studios and enhancements to the Zalando Assistant, contributing to operational efficiencies and customer engagement improvements.
• The Partner Business showed strength with 13.4% GMV growth in H1, while B2B revenue advanced nearly 26%, driven by enterprise client wins and scaling merchant collaborations.