Zalando stock: B2B profit surge reinforces AI platform push

Zalando's third-quarter results put its B2B operations and AI commerce strategy at the center of the investment case. In its November 3 financial release, the Berlin-based company reported stronger growth and profitability for the three months ended September 30, while confirming its full-year 2026 targets.

B2B drives profit expansion

Group gross merchandise volume rose 7.5 percent year over year to 4.5 billion euros. Revenue increased 5.1 percent to 3.2 billion euros, and adjusted EBIT advanced 10.6 percent to 107 million euros. The adjusted group EBIT margin widened to 3.4 percent from 3.2 percent.

Zalando's B2B business was the clearest growth engine. Revenue reached 354 million euros, up almost 28 percent from the prior-year quarter. Adjusted EBIT more than doubled to 42 million euros from 20 million euros, lifting the segment margin to 11.9 percent from 7.1 percent.

The business combines ZEOS, Tradebyte and SCAYLE, which provide logistics, marketplace connectivity and software for brands and retailers. Zalando said SCAYLE added enterprise customers in the United States and the United Kingdom, while ZEOS Fulfilment secured Lascana, LC Waikiki and Champion as major customers.

AI broadens the platform model

The company is also extending its platform beyond products sold directly through Zalando. Zalando Extended adds products from other online shops to the app. Westwing is the first pilot partner, and from 2027 Zalando's own AI agent is expected to complete purchases for customers inside the app.

More than 22 million unique users visited the Zalando Assistant during the year. The company said the initiative can create additional customer traffic for partner shops while expanding opportunities for retail media revenue. That strategy adds a longer-term growth option, but the financial contribution of Zalando Extended has not yet been quantified.

At the consumer business, gross merchandise volume increased across all three apps. Active customers reached 63.2 million, up 2.9 percent year over year. Partner business and retail media grew at double-digit rates, supporting Zalando's shift toward a more capital-light platform model.

Guidance remains unchanged

Zalando maintained its full-year 2026 outlook. The company expects reported gross merchandise volume and revenue growth in the lower half of its 12 percent to 17 percent range, adjusted EBIT of 680 million to 720 million euros, capital expenditure of 240 million to 300 million euros and negative net working capital.

Zalando stock traded at 27.78 euros on Lang & Schwarz at 11:35 CET on Monday, November 9, 2026, 0.22 percent above the Xetra close of Friday, November 6, at 27.72 euros. Investors will next receive the company's full-year 2026 results on March 11, 2027. The real-time quote of Zalando stock provides the latest trading reference.

The DAX market backdrop remains the relevant German equity context for the company.

Further developments around the platform strategy, B2B expansion and AI commerce are covered in more news and analyses on Zalando stock.