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Original-Research: Zalando SE - from Quirin Privatbank Kapitalmarktgeschäft

06.05.2025 / 14:03 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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Classification of Quirin Privatbank Kapitalmarktgeschäft to Zalando SE

Company Name: Zalando SE

ISIN: DE000ZAL1111

Reason for the research: Update

Recommendation: Buy

from: 06.05.2025

Target price: 46.50

Last rating change:

Analyst: Ralf Marinoni

Q1 performance confirms full-year outlook

Zalando delivered strong results in the first quarter of FY 2025: Revenue

grew 7.9% yoy to EUR 2.4bn compared with EUR 2.2bn a year earlier, also

supported by a strong performance in Zalando Marketing Services. GMV (Gro

Merchandise Volume) increased 6.5% yoy to EUR 3.5bn. The adjusted EBIT rose

by 65% to EUR 46.7m, representing a margin of 1.9% and up 0.7 percentage

points, compared with EUR 28.3m a year earlier.

Based on the positive development in the first three months, Zalando

confirmed its full year guidance for FY 2025: It expects both GMV and

revenue to grow between 4% to 9% this year compared with FY 2024 and

adjusted EBIT to reach a level between EUR 530m and 590m. The guidance doe

not account for the effects from the planned acquisition of Hamburg-based

ABOUT YOU. We leave our estimates and EUR 46.50 TP unchanged and confirm our

BUY recommendation.

You can download the research here: http://www.more-ir.de/d/32480.pdf

For additional information visit our website:

https://research.quirinprivatbank.de/

Contact for questions:

Quirin Privatbank AG

Institutionelles Research

Schillerstraße 20

60313 Frankfurt am Main

research@quirinprivatbank.de

https://research.quirinprivatbank.de/

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