^ Original-Research: Zalando SE - from Quirin Privatbank Kapitalmarktgeschäft

07.11.2025 / 09:55 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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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: https://eqs-cockpit.com/c/fncls.ssp?u=3bf5ef8e6032efe2338b9868264927c5 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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2225926 07.11.2025 CET/CEST

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Quelle: dpa-Afx