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: ZALANDO20260313
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/