Zalando stock reports 21 percent GMV growth as targets diverge

Published on 10/03/2026 at 23:00 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Zalando stock faces a EUR 32.00 JPMorgan target and a EUR 35.00 Deutsche Bank target dated October 1, 2026. Q3 EBIT is forecast at EUR 101 million.

Aquarell Berliner Skyline mit Fernsehturm und Spree, Pastellfarben in Blau und Rosa — Zalando SE (DE000ZAL1111) – Berliner Skyline mit Fernsehturm und Spree in weichen Aquarell-Pastelltönen gemalt, Illustration mit AI erstellt.

Zalando stock (ISIN DE000ZAL1111) was last at EUR 22.27 on Xetra on October 2, 2026 at 5:35 p.m. CEST, up 0.23 percent on the session. The immediate market question is whether strong reported growth can offset margin pressure and softer sneaker demand ahead of the next results.

Analysts set different benchmarks

JPMorgan kept its Neutral rating and EUR 32.00 price target for Zalando in an analysis dated October 1, 2026. According to FinanzNachrichten.de, analyst Georgina Johanan expects third-quarter operating profit of EUR 101 million and sees agentic artificial intelligence as a continuing risk.

Deutsche Bank Research retained its Buy rating and EUR 35.00 target on September 30, 2026. FinanzNachrichten.de reported that analyst Adam Cochrane cited continuing B2C margin pressure but also relative strength within the industry.

Growth rises with integration costs

Zalando's first-half 2026 reported GMV increased 21 percent year over year, while revenue grew 22.2 percent. Adjusted EBIT rose 16.1 percent to EUR 270 million, lifting the result despite softer demand in sneakers, according to Yahoo Finance in the Q2 2026 earnings call transcript.

The same call showed the trade-off inside the latest quarter. Pro forma GMV increased 4.4 percent to EUR 4.9 billion, while adjusted EBIT reached EUR 205 million, up 10 percent year over year; the group adjusted EBIT margin declined 0.5 percentage points to 6 percent after the consolidation of ABOUT YOU.

Q3 date puts guidance to test

Zalando narrowed its 2026 adjusted EBIT guidance to EUR 680 million to EUR 720 million and expects GMV and revenue growth in the lower half of its previous 12 percent to 17 percent range. The next reporting date is November 3, 2026, according to Capital.com.

For investors, the central comparison is clear: reported growth remains high, but the pro forma Q2 GMV increase was 4.4 percent and the margin fell to 6 percent. That makes the November report a test of whether ABOUT YOU synergies and B2B expansion can support profitability while consumer demand stays uneven.

Stock remains below yearly high

Zalando stock was last at EUR 22.27 on Xetra on October 2, 2026 at 5:35 p.m. CEST. Its 52-week range was EUR 18.61 to EUR 30.43, while volume reached 1,035,271 shares and market capitalization stood at EUR 5.4 billion.