Zalando stock holds as 2025 profit and 2026 guidance frame the trade

Zalando SE (DE000ZAL1111) is trading against a backdrop of EUR 10.6 billion in 2025 revenue, EUR 511.1 million in adjusted EBIT, and 7.9% adjusted EBIT margin, while the latest investor material also points to 2026 revenue growth of 4%-9% and adjusted EBIT of EUR 530 million to EUR 590 million.

EUR 10.6 billion revenue base

The company said 2025 revenue reached EUR 10.6 billion, up from the prior year and still large enough to make every margin change visible in the share price. Adjusted EBIT rose to EUR 511.1 million in 2025, and the 7.9% margin shows how much operating leverage the market is already discounting.

The comparison matters because the 2026 outlook is not built on a flat base. Management guided for gross merchandise volume growth of 4%-9% and revenue growth of 4%-9% in 2026, which frames the next phase as a measured expansion rather than a reset.

2026 guidance sets the tone

For 2026, Zalando expects adjusted EBIT of EUR 530 million to EUR 590 million, implying another year of profit generation after the 2025 result. The company also lifted the strategic focus toward profitable growth, with the range itself acting as the key reference point for investors.

That guidance can be read against 2025 adjusted EBIT of EUR 511.1 million. The midpoint of the new range, EUR 560 million, sits EUR 48.9 million above the 2025 level, a useful comparison for judging whether operating momentum is improving or merely being maintained.

Fashion retail still drives it

Zalando remains a fashion and lifestyle platform, and that business mix matters because the company’s revenue base is still measured in billions rather than niche categories. The 2025 numbers show that scale clearly: EUR 10.6 billion in revenue and EUR 511.1 million in adjusted EBIT are the two figures that best define the current setup.

For the stock, the practical question is how far the 2026 guidance can translate into cash-generating growth. A range of EUR 530 million to EUR 590 million in adjusted EBIT gives investors a clear corridor, and the midpoint sits above the 2025 result by nearly EUR 49 million.

Stock level follows profit

Zalando stock is best read through those 2025 and 2026 profit markers until a fresher market quote is available. The business is still guided by the same two numbers that matter most in retail equities: revenue growth and margin expansion.

Company: Zalando SE

ISIN: DE000ZAL1111

Ticker: XETRA: ZAL

Trading venue: Xetra

Sector / Industry: Consumer Discretionary / Broadline Retail

Index membership: MDAX