Zalando Revenue Rises, Net Profit Falls

Zalando significantly expanded its business volume in the second quarter of 2026, but growth in adjusted operating profit failed to keep pace with revenue, while net profit declined. The Group’s gross merchandise volume, or GMV, reached €4.915 billion, up 20.7 percent year on year. Revenue rose by 20.8 percent over the same period, from €2.835 billion to €3.424 billion.

The results are presented on a reported basis and include the consolidation of ABOUT YOU, which Zalando acquired last year. Consequently, the year-on-year growth rates do not reflect only the organic expansion of the existing business. The Group’s adjusted EBIT increased 10.4 percent, from €185.5 million to €204.8 million, with Zalando attributing more than €10 million of that amount to synergies generated following the acquisition.

Profitability, however, did not improve across all indicators. The Group’s adjusted EBIT margin declined from 6.5 to 6.0 percent, while Zalando’s standalone business recorded a margin of 6.6 percent. Net profit fell from €96.6 million to €73.8 million, a decrease of 23.6 percent. This shows that the improvement in adjusted operating profit during the quarter did not translate into higher bottom-line earnings.

The consumer-facing B2C segment generated revenue of €3.099 billion, compared with €2.576 billion a year earlier. At the same time, the segment’s adjusted EBIT declined from €173.7 million to €164.1 million. GMV increased across all three apps—Zalando, ABOUT YOU and Lounge by Zalando—with the company highlighting particularly strong sales in the Sports and Beauty categories.

The number of active customers over the past 12 months increased 18.3 percent, from 52.9 million to 62.5 million. The growth reflected the inclusion of ABOUT YOU users as well as an increase in Zalando’s standalone customer base. The number of orders reached 77.5 million, compared with 65 million a year earlier. The average number of orders per active customer remained unchanged at 4.8, while the average basket size increased from €61.60 to €63.40.

The partner model, under which external retailers and brands sell through Zalando’s platform, is playing an increasingly important role in the B2C business. Its share of standalone B2C GMV rose by 3.2 percentage points to 36.9 percent, while at Group level, including ABOUT YOU, it stood at 31.9 percent. Advertising revenue within the retail platform increased 39.5 percent. Zalando is thereby expanding the share of its business that requires less inventory of its own and generates higher margins.

The fastest growth was recorded in the B2B segment, which includes logistics, software and other services for brands and retailers. Revenue increased 27.6 percent, from €262.4 million to €334.7 million. Adjusted EBIT rose from €11.4 million to €40.7 million, while the margin increased from 4.3 to 12.2 percent. The company attributed the growth to the higher volume of ZEOS Fulfilment services and a stronger contribution from SCAYLE software.

For the full year 2026, Zalando now expects GMV and revenue growth to come in within the lower half of its previously announced range of 12 to 17 percent. At the same time, it narrowed its adjusted EBIT forecast from between €660 million and €740 million to between €680 million and €720 million. Management said the revision reflects the first-half results rather than weaker expectations for the remainder of the year. The company expects additional contributions from synergies, the reshaping of its logistics network and the expansion of its partner, software and advertising businesses. Zalando will publish its third-quarter results on 3 November 2026.