Zalando SE Q3 2026 Earnings Recap

Zalando’s Q3 showed improving growth and profitability, but the stock’s 1.7% rise was modest. The company confirmed full-year guidance, with reported GMV and revenue growth expected in the lower half of its 12%–17% range.

Key Takeaways

• Reported GMV grew 7.5% year-on-year and revenue 5.1%; pro forma growth was 6.1% and 3.3%, respectively.
• Adjusted EBIT increased 11% to €107 million, with a 3.4% margin.
• B2B grew almost 28%; partner business and Retail Media each grew at double-digit rates.
• Zalando Assistant had more than 22 million unique users this year; monthly active users were up 5x and add-to-basket actions up 7x versus last year.
• Full-year guidance was unchanged: adjusted EBIT of €680 million–€720 million, CapEx of €240 million–€300 million, and growth in the lower half of the 12%–17% range.