Zalando stock: B2B growth lifts Q3 profit as outlook holds
Published on 11/05/2026 at 11:29 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSProfitable growth shifts toward B2B
- Third-quarter revenue increased as Zalando expanded its platform and integrated ABOUT YOU.
- B2B profitability more than doubled, while B2C adjusted EBIT declined year over year.
- Zalando kept its full-year 2026 outlook and plans to publish full-year results on March 11, 2027.
Zalando delivered stronger profitable growth in the third quarter, with its B2B operations emerging as the main earnings driver. The company said in a release published on November 3 that group gross merchandise volume rose 7.5% year over year to 4.54 billion euros and revenue increased 5.1% to 3.17 billion euros. Zalando stock traded at 28.30 euros on Lang & Schwarz at 11:20 CET on Thursday, November 5, 3.10% above the Xetra close of Wednesday, November 4.
The figures come from Zalando's corporate release. Adjusted group EBIT rose 10.6% to 106.5 million euros, lifting the adjusted EBIT margin to 3.4% from 3.2% a year earlier. Lower fulfilment costs, synergies from the ABOUT YOU integration and B2B expansion supported the improvement.
B2B becomes the main profit engine
B2B revenue reached 354.4 million euros, up 27.9% from 277.1 million euros in the prior-year quarter. Adjusted B2B EBIT more than doubled to 42.2 million euros from 19.6 million euros, while the division's adjusted EBIT margin widened to 11.9% from 7.1%.
The business combines logistics and software services through ZEOS, Tradebyte and SCAYLE. Zalando said new enterprise customers included Lascana, LC Waikiki and Champion for ZEOS Fulfilment, while SCAYLE added deals in the United States and the United Kingdom. The company also cited continued growth in its partner business and retail media.
The consumer business remained profitable but developed less strongly. B2C revenue rose to 2.83 billion euros from 2.75 billion euros, while B2C adjusted EBIT fell to 64.4 million euros from 76.6 million euros. Active customers reached 63.2 million, a 2.9% increase, and the partner share rose to 33.6% of B2C GMV.
AI platform adds another growth option
Zalando introduced Zalando Extended, which adds products from other online shops to its platform even when Zalando does not sell them directly. The company said its own AI agent is expected to complete purchases for customers within the Zalando app from 2027, with Westwing as the first pilot partner for home and living products.
Management also pointed to integration progress. CFO Anna Dimitrova said ABOUT YOU synergies reached the mid-teens millions of euros during the quarter and described the platform shift toward partner business, retail media and B2B as accelerating.
Full-year outlook stays unchanged
Zalando confirmed its 2026 guidance. The company expects reported GMV and revenue growth in the lower half of its 12% to 17% ranges, adjusted EBIT of 680 million to 720 million euros and capital expenditure of 240 million to 300 million euros. It also expects a negative net working capital position.
For investors, the quarterly figures show a mixed earnings profile: B2B is scaling rapidly and carries a higher margin, while consumer profitability remains under pressure. The next scheduled milestone is Zalando's full-year 2026 report on March 11, 2027.
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Zalando key facts
- Company: Zalando SE
- ISIN: DE000ZAL1111
- Ticker: ZAL.DE
- Lang & Schwarz quote: 28.30 euros at 11:20 CET on November 5, 2026
- Change versus Xetra close: 3.10% above the 27.45 euro close on November 4, 2026
- Third-quarter revenue: 3.17 billion euros, up 5.1% year over year
- Third-quarter adjusted EBIT: 106.5 million euros, up 10.6% year over year
