Q2 2025 Zalando SE Earnings Call Transcript
Key Points
- Zalando SE (ZLDSF) achieved a strong GMV growth of 6.2% and revenue growth of 7.6% year-on-year in the first half of 2025.
- The company's adjusted EBIT reached EUR232 million, representing a margin of 4.4%, an improvement of 0.3 percentage points year-on-year.
- Zalando SE (ZLDSF) launched a new AI-powered discovery feed in its app, enhancing user engagement with personalized content.
- The B2B segment maintained double-digit growth, driven by ZEOS fulfillment and the launch of the ZEOS Shopify application.
- The acquisition of a 91.5% stake in ABOUT YOU is expected to create significant synergies, with an anticipated group EBIT synergy of around EUR100 million per annum from 2029 onwards.
- The company faces a fast-changing geopolitical and macroeconomic environment, which poses challenges to its growth trajectory.
- Gross margin decreased slightly year-over-year by 0.8 percentage points to 40.8%, impacted by business mix effects and strategic growth investments.
- The integration of ABOUT YOU is expected to incur front-loaded integration costs, which may impact short-term profitability.
- Consumer demand remains muted, with continued price sensitivity affecting the market environment.
- Inventory levels increased, reflecting preparations for the upcoming autumn/winter season and strategic expansion into other lifestyle areas, which could pose risks if demand does not meet expectations.
Thank you, and good morning, and welcome to our Q2 2025 earnings call. Today, I'm joined by our core Co-CEO, Robert Gentz; and our Co-CEO, Interim CFO, David Schroder. Robert will kick us off with a business update before handing over to David to walk you through the financial developments of the quarter. Finally, Robert will discuss our outlook. Both will be available for questions afterwards. As usual, this call is being recorded, and the live webcast as well as the replay of the call will be available on our Investor Relations web page later today.
I will now hand it over to Robert. The floor is yours.
Thank you, Patrick. Hello, everyone, and thank you for joining today's call. So last year, we announced our new ecosystem strategy and started to execute against it and successfully delivered on our growth and profitability ambitions. This year, we continue on this great trajectory by further advancing our B2C and B2B growth factors in driving
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