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: 13.03.2026

Target price: 34.40

Last rating change:

Analyst: Ralf Marinoni

Entering 2026 with momentum

Zalando met its FY 2025 targets and gave a convincing outlook for the

current business year with strong increases in sales and adjusted EBIT. We

therefore confirm our Buy recommendation but reduce TP from EUR 38.40 to EUR

34.40 due to reduced peer group multiples.

FY 2025

The FY 2025 financial development of Zalando showed strong growth in sales,

transaction volume, and operating profit. In 2025, Zalando's gross

merchandise volume (GMV) increased by 14.7% to EUR 17.6bn, indicating a

significant rise in the total value of goods sold through its platform. At

the same time, the company's revenue grew by 16.8% to EUR 12.3bn, reflecting

higher customer activity and the expansion of its platform ecosystem.

Profitability also improved: adjusted EBIT rose to EUR 591m, up from EUR

511m the previous year, showing improved operational efficiency and higher

sales volume.

AI drives growth

In FY 2025, Zalando significantly increased efficiency and productivity by

using artificial intelligence across its operations. In marketing,

AI-generated product content expanded from almost zero to 90% within one

year, reducing campaign production time from six weeks to only a few days

and increasing the number of created contents by 70%. In logistics, advanced

AI models improved supply-chain optimization and increased the accuracy of

delivery promises to customers.

In addition, AI-based size recommendations based on real body measurements

from over one million customers help reduce size-related returns.

As one of the first European partners of Google's Universal Commerce

Protocol, Zalando enables fashion products to be discovered and purchased

directly through AI chatbots such as Gemini, helping the company reach new

customer groups.

FY 2026 outlook

For the 2026 fiscal year, Zalando expects GMV and revenue growth of 12% to

17% on a reported basis. Adjusted EBIT is projected to reach between EUR

660m and 740m.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=855c8edc1ed0ea31f5c790b339be7e17

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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2291422 13.03.2026 CET/CEST

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