Original-Research: Zalando SE (von Quirin Privatbank Kapitalmarktgeschäft): Buy

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: ZALANDO20251106 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/