Zalando reports Q2 revenue growth but trims full year guidance
Zalando has delivered another quarter of revenue growth as it benefits from the scaling of its AI capabilities, although it warned that full year revenue will come in at the lower end of expectations.
In its second quarter, Zalando grew its gross merchandise volume (GMV) by 20.7% to €4.9 billion, as group revenue increased by 20.8% to €3.4 billion.
Subscribe to TRBGroup adjusted EBIT rose by 10% to €205 million in the period, with synergies from Zalando’s recent About You acquisition contributing more than €10 million.
Robert Gentz, co-chief executive of Zalando, said: “Our fast-scaling AI capabilities are already delivering measurable benefits in driving both growth and efficiency across B2C and B2B.
“Innovations like our AI-powered Scayle Studios and the upgraded Zalando Assistant are fundamentally transforming how our partners operate and how our customers discover fashion.”
Zalando said its multi-app approach underpinned its B2C performance with GMV growing across all three consumer apps of Zalando, About You, and Lounge by Zalando, with particular strength in the sports and beauty categories.
The number of active customers rose by 18.3% to a new high of 62.5 million, driven by the About You inclusion and standalone growth. High margin retail media revenue climbed by 39.5% year-on-year.
Meanwhile, B2B revenue rose by 27.6% to €335 million in the period.
Looking ahead to the outcome of its full year, Zalando now expects GMV and revenue growth in the lower half of its previous 12% to 17% range in line with market expectations. Its full-year adjusted EBIT guidance has been narrowed to between €680 million and €720 million from a previous €660 million to €740 million.
Zalando said the refinement reflects the first half already delivered and not a change in expectations for the remainder of the year.
Anna Dimitrova, chief financial officer of Zalando, said: “The resilience of our profitability reflects the quality and mix of our earnings, including the shift toward our higher-margin partner business and retail media, B2B scaling, and disciplined cost management supported by AI.
“Our focus is – as always – executing our strategy, investing in the immense opportunities ahead, and delivering a strong, high-quality financial performance in 2026.”
