Zalando SE Increases 2025 Outlook Following Acquisition

Quirin Privatbank Kapitalmarktgeschäft has updated its rating for Zalando SE to "Buy," following a 5% increase in gross merchandise volume (GMV) and a 7.3% rise in revenue in Q2-25. The adjusted EBIT reached EUR 186 million, reflecting a stable margin. The bank maintains a target price of EUR 46.50.

The outlook for fiscal year 2025 has been revised after Zalando acquired a significant stake in About You Holding SE, consolidating its financials. Zalando now expects GMV between EUR 17.2 billion and EUR 17.6 billion, and revenue between EUR 12.1 billion and EUR 12.4 billion, reflecting notable growth. Adjusted EBIT is projected to be between EUR 550 million and EUR 600 million.

Zalando has also strengthened its liquidity position, repaying a convertible bond with its cash reserves. Following recent financial activities, the company's liquidity stands at approximately EUR 1.2 billion, with an equity ratio of 34.3%.