Zalando SE Shows Solid Q3 Performance with Impressive Growth

Zalando SE, a major player in e-commerce, reported strong financial results for the third quarter of 2025. The company's Gross Merchandise Volume (GMV) grew by 21.6% to €4.2 billion, while revenues increased by 26.5% to €3.0 billion. This growth was largely driven by the inclusion of ABOUT YOU, although the latter has not yet matched Zalando's profitability levels.

The adjusted EBIT saw a slight increase, reaching €96.3 million compared to €92.7 million in Q3-24. On a pro-forma basis, GMV increased by 6.7%, and revenue by 7.5% over the prior year. The B2B segment also performed strongly, with revenues exceeding €277 million, a 15.6% year-over-year increase, and an adjusted EBIT margin rising to 7.1%.

As a result, Quirin Privatbank Kapitalmarktgeschäft maintains a "Buy" recommendation for Zalando, with a target price of €38.40, reflecting updated peer group multiples and a lower cash position post-acquisition.