Zalando stock reports 21 percent H1 GMV growth as guidance narrows

Published on 09/25/2026 at 13:31 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Zalando stock carries a EUR 35 UBS target dated September 16, 2026. H1 adjusted EBIT reached EUR 270 million, up 16.1 percent year over year.

Karton mit orangem Innenfutter, Strickpullover und Lederstiefeletten auf Holztisch — Zalando SE (DE000ZAL1111) – geöffneter Karton mit orangefarbenem Seidenpapier und modischer Kleidung auf rustikalem Holztisch, Illustration mit AI erstellt.

Zalando stock (ISIN DE000ZAL1111) was trading at EUR 22.14 on Xetra on September 25, 2026, at 11:11 a.m. UTC, up 0.09 percent from EUR 22.12. The latest operating picture combines 21 percent reported H1 GMV growth with a narrower full-year profit range.

H1 growth meets tighter guidance

According to Yahoo Finance in its Q2 2026 earnings transcript, reported H1 revenue increased 22.2 percent year over year, while adjusted EBIT reached EUR 270 million, up 16.1 percent. The same transcript states that reported H1 GMV rose 21 percent.

The comparison becomes more measured on a pro forma basis. Q2 group GMV increased 4.4 percent to EUR 4.9 billion, while pro forma group revenue rose 1.1 percent, according to Yahoo Finance.

Profit range sets the next test

Management refined 2026 reported GMV and revenue growth expectations to the lower half of the previous 12 percent-17 percent range. Adjusted EBIT guidance now stands at EUR 680 million-EUR 720 million, with the midpoint remaining the stated objective, as Yahoo Finance reports.

The business mix provides a counterweight to the softer pro forma top line. Q2 B2B revenue rose 27.6 percent on a reported basis to EUR 335 million, while B2B adjusted EBIT increased to EUR 41 million from EUR 11 million in the prior-year quarter, according to Yahoo Finance. That contrast makes margin delivery and B2B execution important markers for the second half.

UBS keeps EUR 35 target

UBS analyst Yashraj Rajani retained a Buy rating and a EUR 35 price target on September 16, 2026, according to MarketScreener. The target is EUR 12.86 above the September 25 intraday price, a 58.09 percent premium, while the stock remained EUR 8.29 below its 52-week high of EUR 30.43.

Stock trades below yearly high

Zalando stock was trading at EUR 22.14 on Xetra on September 25, 2026, with a daily range of EUR 22.03-EUR 22.39, volume of 149,503 shares and a market capitalization of EUR 5,407,089,648. Its 52-week range was EUR 18.61-EUR 30.43.