Original-Research: Zalando SE (von Quirin Privatbank Kapitalmarktgeschäft): Buy

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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 EQS

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

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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 (Gross

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 does

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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2131234 06.05.2025 CET/CEST

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