Zalando Q2 26 preview - forecasts materially unchanged, limited scope for upside

Research evidence excerpt

Zalando Q2 26 preview - forecasts materially unchanged, limited scope for upside

Georgina Johanan, ACA AC Europe Equity Research

(44-20) 7134-5791 02 July 2026 J P M O R G A N

georgina.s.johanan@jpmorgan.com

by c.60bps yoy). We model marketing cost ratio 10bps higher than Q1 at 8.9%, and

adjusted admin costs similar to Q1 levels.

• Zalando confirmed last week that the German financial authority, BaFin, has

initiated a review of the company’s FY 25 accounts. We understand from Zalando that

this is related to what would be described as an honest mistake in the notes to the accounts.

When discussing the ABOUT YOU acquisition, Zalando omitted to reference that

Danish retailer, Bestseller – which owns a c.10% stake in Zalando – also owned a

substantial (c.29%) stake in ABOUT YOU (i.e. omitted a related-party transaction). We

would note that it was very common knowledge regarding both stakes (previously

discussed/ disclosed on numerous occasions). Zalando commented in a release that “this

is a purely formal and materially insignificant aspect of the notes to the financial

statements, as all relevant information regarding the acquisition of the ABOUT YOU

shares—including the companies involved, the transaction structure, and the purchase

price—was already fully publicly accessible as part of the public tender offer.” Zalando

itself reported this error to BaFin.

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