Zalando stock leans on B2B as AI plans widen growth case

Zalando SE delivered another quarter of profitable growth on November 3, 2026, with its business-to-business division again providing the strongest momentum. The company also outlined a broader role for artificial intelligence in shopping as it confirmed its full-year outlook.

According to Zalando, group gross merchandise volume rose 7.5% year over year to 4.54 billion euros in the third quarter. Revenue increased 5.1% to 3.17 billion euros. The comparison reflects the inclusion of ABOUT YOU in the prior-year period from its closing date, which the company said affected the reported growth rates.

B2B drives margin improvement

Adjusted EBIT climbed 10.6% to 106.5 million euros, lifting the adjusted margin to 3.4% from 3.2% a year earlier. Zalando attributed the improvement to lower fulfilment costs, synergies from the ABOUT YOU integration and strong B2B growth. Integration synergies reached the mid-teens millions of euros during the quarter.

B2B revenue increased 27.9% to 354.4 million euros. Adjusted EBIT in the division more than doubled to 42.2 million euros from 19.6 million euros, while its adjusted EBIT margin expanded to 11.9% from 7.1%. The division combines logistics and software activities through ZEOS, Tradebyte and SCAYLE, giving Zalando a platform-based revenue stream alongside its consumer business.

The consumer operation also expanded. Active customers reached 63.2 million over the last twelve months, up 2.9% year over year, while orders increased 7.7% to 73.8 million. Partner business and retail media grew at double-digit rates, and the partner share reached 33.6% of B2C gross merchandise volume.

AI broadens the platform strategy

Zalando is extending its AI strategy beyond product search and recommendations. Zalando Extended will add products from other online shops that are not sold directly by Zalando. Westwing is the first pilot partner, and Zalando said its own AI agent is expected to complete purchases inside the Zalando app from 2027.

The Zalando Assistant attracted more than 22 million unique users during 2026, according to the company. The planned service could help partner shops reach Zalando customers without building a complex technical integration, while also creating additional opportunities for retail media revenue.

Guidance remains unchanged

Zalando maintained its 2026 guidance. On a reported basis, the company expects GMV and revenue growth in the lower half of a 12% to 17% range, adjusted EBIT of 680 million to 720 million euros, capital expenditure of 240 million to 300 million euros and negative net working capital. The full-year results are scheduled for March 11, 2027.

Zalando stock traded at 27.13 euros on Lang & Schwarz at 11:41 CET on Friday, November 6, 4.74 percent below the Xetra close of Thursday, November 5. Investors can follow the real-time quote of Zalando stock.

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