Valuation Update With 7 Day Price Move • 22h
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł95.94, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 12x in the Specialty Retail industry in Europe. Total loss to shareholders of 30% over the past year. Reported Earnings • May 06
First quarter 2026 earnings released: €0.34 loss per share (vs €0.04 profit in 1Q 2025) First quarter 2026 results: €0.34 loss per share (down from €0.04 profit in 1Q 2025). Revenue: €3.00b (up 24% from 1Q 2025). Net loss: €87.6m (down €97.5m from profit in 1Q 2025). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Specialty Retail industry in Europe. Duyuru • Mar 31
Zalando SE, Annual General Meeting, May 12, 2026 Zalando SE, Annual General Meeting, May 12, 2026, at 10:00 W. Europe Standard Time. Reported Earnings • Mar 13
Full year 2025 earnings released Full year 2025 results: Revenue: €12.3b (up 17% from FY 2024). Net income: €212.7m (down 15% from FY 2024). Profit margin: 1.7% (down from 2.4% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Specialty Retail industry in Europe. Reported Earnings • Nov 07
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: €3.02b (up 27% from 3Q 2024). Net income: €14.8m (down 67% from 3Q 2024). Profit margin: 0.5% (down from 1.9% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Specialty Retail industry in Poland. Duyuru • Nov 07
Zalando SE to Report Fiscal Year 2025 Results on Mar 12, 2026 Zalando SE announced that they will report fiscal year 2025 results on Mar 12, 2026 Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł96.00, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 11x in the Specialty Retail industry in Poland. Total loss to shareholders of 15% over the past year. New Risk • Nov 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 9.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Duyuru • Oct 30
Zalando SE Announces CFO Changes Zalando SE announced that its Supervisory Board has appointed Anna Dimitrova as Chief Financial Officer (CFO), bringing a wealth of experience to support Zalando's strategy of building the leading pan-European fashion and lifestyle e-commerce ecosystem. She will join the Zalando Management Board and assume responsibility for the Finance and Corporate Governance teams, effective January 1, 2026. With an international career spanning over 20 years, Dimitrova brings extensive experience across all aspects of finance, including M&A, capital markets, and investor relations. She currently serves as Group CFO at Deutsche Glasfaser and has previously held a series of senior leadership roles at Vodafone Group, including CFO of Vodafone in Germany and Czech Republic and Group Financial Controller. As Strategy, Corporate Development & Integration Director for Vodafone Germany, she led the integration and delivery of synergies following the company's acquisitions of Kabel Deutschland and Unity Media. David Schröder, who has been interim CFO since March, will refocus on his responsibilities as Co-CEO. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł96.88, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Specialty Retail industry in Europe. Total loss to shareholders of 2.9% over the past year. Reported Earnings • Aug 06
Second quarter 2025 earnings released: EPS: €0.37 (vs €0.37 in 2Q 2024) Second quarter 2025 results: EPS: €0.37 (up from €0.37 in 2Q 2024). Revenue: €2.84b (up 7.3% from 2Q 2024). Net income: €96.6m (flat on 2Q 2024). Profit margin: 3.4% (down from 3.6% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Specialty Retail industry in Europe. Duyuru • Apr 16
Zalando SE, Annual General Meeting, May 27, 2025 Zalando SE, Annual General Meeting, May 27, 2025, at 10:00 W. Europe Standard Time. Duyuru • Apr 09
Zalando SE (XTRA:ZAL) acquired I Love Icecream Ltd. Zalando SE (XTRA:ZAL) acquired I Love Icecream Ltd on April 7, 2025. Post completion of the acquisition, DeepAR, which will remain an independent company under its new ownership, will help to further “bridge the gap between physical and digital shopping”.
Zalando SE (XTRA:ZAL) completed the acquisition of I Love Icecream Ltd on April 7, 2025. Duyuru • Dec 12
Zalando SE (XTRA:ZAL) entered into a definitive business combination agreement to launch a voluntary tender offer to acquire About You Holding SE (DB:YOU) from Otto (GmbH & Co KG), management of About You, HEARTLAND A/S and others for €1.1 billion. Zalando SE (XTRA:ZAL) entered into a definitive business combination agreement to launch a voluntary tender offer to acquire About You Holding SE (DB:YOU) from Otto (GmbH & Co KG), management of About You, HEARTLAND A/S and others for €1.1 billion on December 11, 2024. Zalando offers €6.5 per share. Zalando will finance the offer from existing cash reserves. Otto Group, Otto Family, HEARTLAND and the ABOUT YOU Management entered into binding agreements to sell their ABOUT YOU shares, representing about 73% of ABOUT YOU’s share capital, to Zalando. The transaction is expected to complete in summer of 2025. The transaction is subject to approval by regulatory board / committee. The management board and supervisory board of About You intend to recommend shareholders to accept the offer. J.P. Morgan SE acted as financial advisor for Zalando SE. Carsten Berrar and Peter Klormann from Sullivan & Cromwell LLP acted as legal advisor for Zalando SE. Deutsche Bank Aktiengesellschaft acted as financial advisor for About You Holding SE. White & Case, L.L.P. acted as legal advisor for About You Holding SE. CMS Germany acted as a legal advisor to Heartland. Milbank LLP acted as a legal advisor to Otto. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł147, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 12x in the Specialty Retail industry in Europe. Total returns to shareholders of 56% over the past year. Simply Wall St's valuation model estimates the intrinsic value at zł258 per share. Reported Earnings • Nov 07
Third quarter 2024 earnings released: EPS: €0.17 (vs €0.03 loss in 3Q 2023) Third quarter 2024 results: EPS: €0.17 (up from €0.03 loss in 3Q 2023). Revenue: €2.39b (up 5.0% from 3Q 2023). Net income: €44.3m (up €52.5m from 3Q 2023). Profit margin: 1.9% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Specialty Retail industry in Poland. Duyuru • Nov 05
Zalando SE to Report Fiscal Year 2024 Results on Mar 06, 2025 Zalando SE announced that they will report fiscal year 2024 results on Mar 06, 2025 Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł110, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 12x in the Specialty Retail industry in Europe. Total loss to shareholders of 5.0% over the past year. Simply Wall St's valuation model estimates the intrinsic value at zł209 per share. Duyuru • May 18
Zalando SE Provides Earnings Guidance for the Year 2024 Zalando SE provided earnings guidance for the year 2024. This year, the company expects an increase in gross merchandise volume and sales growth of between 0% and 5% compared to 2023. The company expects an operating profit. Reported Earnings • May 16
First quarter 2024 earnings released: €0.03 loss per share (vs €0.15 loss in 1Q 2023) First quarter 2024 results: €0.03 loss per share (improved from €0.15 loss in 1Q 2023). Revenue: €2.24b (flat on 1Q 2023). Net loss: €8.90m (loss narrowed 77% from 1Q 2023). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Specialty Retail industry in Europe. Reported Earnings • Mar 15
Full year 2023 earnings released Full year 2023 results: Revenue: €10.1b (down 1.9% from FY 2022). Net income: €83.0m (up 394% from FY 2022). Profit margin: 0.8% (up from 0.2% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Specialty Retail industry in Europe. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł84.54, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 14x in the Specialty Retail industry in Europe. New Risk • Nov 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Reported Earnings • Nov 23
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €2.27b (down 3.2% from 3Q 2022). Net loss: €8.20m (loss narrowed 77% from 3Q 2022). Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Specialty Retail industry in Europe. Duyuru • Nov 02
Zalando SE to Report Fiscal Year 2023 Results on Mar 13, 2024 Zalando SE announced that they will report fiscal year 2023 results on Mar 13, 2024 New Risk • Oct 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to zł95.44, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 12x in the Specialty Retail industry in Europe. New Risk • Aug 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risk Large one-off items impacting financial results. Buying Opportunity • Jul 14
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be zł159, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 33%. For the next 3 years, revenue is forecast to grow by 7.3% per annum. Earnings is also forecast to grow by 38% per annum over the same time period. Buying Opportunity • Jun 30
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be zł153, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 33%. For the next 3 years, revenue is forecast to grow by 7.6% per annum. Earnings is also forecast to grow by 38% per annum over the same time period. 
