Zalando: Q2 26 first take - softer than expected

Research evidence excerpt

Zalando: Q2 26 first take - softer than expected

J P M O R G A N Europe Equity Research

04 August 2026

Zalando Neutral

ZALG.F, ZAL GR

Q2 26 first take - softer than expected Price (03 Aug 26):€29.29

Price Target (Dec-27):€32.00

Our Take: This is a softer-than-expected update from Zalando and we expect the European General Retail

ACshares to move lower. Q2 pro-forma GMV of +4.4% is below our forecast for +5% Georgina Johanan, ACA

(we think investor expectations were for +5-6%). This was weighed by softer (44-20) 7134-5791

sneaker demand (echoing recent comments from adidas), along with some impact georgina.s.johanan@jpmorgan.com

on GMV growth as Zalando encouraged brands to shift from wholesales to PP. We J.P. Morgan Securities plc

would note that the implied core Zalando GMV performance in the quarter was at Shailja Maskara

least slightly negative, yet core inventories ended the period up c.+4%. Q2 EBIT (91-22) 6157-3318

shailja.maskara@jpmchase.com

is also a slight (2%) miss at €204.5m vs company cons for at €209m. Albeit this J.P. Morgan India Private Limited

includes a single-digit €m drag due to one-off strike action in logistics in Belgium.

Top-line FY 26 guidance is now expected to be in the lower half of the range, which Specialist Sales contact details:

is not a surprise. EBIT range has been narrowed with the mid point – which is in Olivia Petronilho - Specialist Sales -

line with FY cons – being unchanged. Comments on current trading are limited, European Consumer

although we understand from the company that Zalando expects internal initiatives (44-20) 3493-3709

to drive some acceleration in GMV growth into Q3 (with the level expected to be olivia.b.petronilho@jpmorgan.com

+MSD%). However, we do not think this will be enough to support the shares today