Zalando, Evolution (placed on Neg CW), Danone, Magnum, ...: EU Consumer Sector Specialist Commentary Retail • Luxury • Staples • Leisure • Airlines

Research evidence excerpt

Zalando, Evolution (placed on Neg CW), Danone, Magnum, ...: EU Consumer Sector Specialist Commentary Retail • Luxury • Staples • Leisure • Airlines

Olivia Petronilho - Specialist Sales - European Consumer AC (44-20) 3493-3709 Europe Specialist Sales J P M O R G A Nolivia.b.petronilho@jpmorgan.com

J.P. Morgan Securities plc 26 June 2026

Zalando, Evolution (placed on Neg CW), Danone, Magnum, ...

Olivia Petronilho

+44 207 134 2676

olivia.b.petronilho@jpmorgan.com

Morning all,

Main Highlights for Today:

• Zalando. Bafin audit may weigh

• Previews: Danone, Magnum, Evolution (placed on Neg CW)

• H&M: fresh estimates; remain UW

• Data & Laterals: Weekly RevPAR

• TODAY: nothing

In details

Zalando should be under pressure today. Bafin (the German financial authority) initiated an audit on its FY25 financials on

June 19th. According to the release, the investigation is regarding a transaction with a related company in connection with the

acquisition of ABOUT YOU. The authority says it will inform the public on its findings, regardless of whether or not it finds

errors. George spoke to the company: (1) Zalando had made what it is describing as an honest mistake in the notes to the FY 25

accounts. (2) When discussing the ABOUT YOU acquisition it omitted to reference that Danish retailer, Bestselller - which owns

a c.10% stake in Zalando - also owned a substantial stake in ABOUT YOU (ie omitted a related party transaction). George notes

it was very common knowledge regarding both stakes (previously discussed/ disclosed on numerous occasions – this is about the

error in the accounts rather than new news is her understanding). Her take from speaking with the company is that this is simply

about these stakes rather than any incremental transaction.