Financials Zalando SE

Equities

ZAL

DE000ZAL1111

Internet Services

Market Closed - Xetra Other stock markets 16:35:10 18/07/2025 BST			After hours 17:39:19
27.78 ^EUR	+0.73%		27.74	-0.16%

07-16	ZALANDO : Receives a Buy rating from Warburg Research	ZD
07-15	ZALANDO : UBS reiterates its Buy rating	ZD

Projected Income Statement: Zalando SE

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	7,982	10,354	10,345	10,143	10,572	12,099	13,326	14,229
Change	-	29.72%	-0.09%	-1.95%	4.23%	14.44%	10.14%	6.78%
EBITDA ¹	635.3	703.8	497	654.1	840.3	898.9	1,027	1,191
Change	-	10.78%	-29.38%	31.61%	28.47%	6.98%	14.2%	15.99%
EBIT ¹	420.8	468.4	184.6	349.9	511.1	485.8	593.8	763.5
Change	-	11.31%	-60.59%	89.54%	46.07%	-4.94%	22.22%	28.57%
Interest Paid ¹	-48.6	-70.5	-62.7	-38	-23.9	-29	-37	-31
Earnings before Tax (EBT) ¹	318.5	354.3	38.8	152.9	368	498.2	699.1	858.9
Change	-	11.24%	-89.05%	294.07%	140.68%	35.39%	40.31%	22.86%
Net income ¹	226.1	234.5	16.8	83	251.1	291.5	388.1	506.2
Change	-	3.72%	-92.84%	394.05%	202.53%	16.09%	33.13%	30.42%
Announcement Date	16/03/21	03/03/22	07/03/23	13/03/24	06/03/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	2,035	1,850	2,573	2,238	2,733	2,283	3,100	2,205	2,623	2,349	3,168	2,256	2,556	2,275	3,056	2,241	2,643	2,388	3,300	2,420	2,817	2,520	3,547
Change	-	-9.09%	39.11%	-13.04%	22.13%	-16.47%	35.77%	-28.86%	18.96%	-10.44%	34.84%	-28.79%	13.33%	-11.01%	34.34%	-26.66%	17.93%	-9.64%	38.14%	-26.67%	16.45%	-10.56%	40.76%
EBITDA	264.1	170.1	249.1	146.6	241.3	68.3	247.6	-	-	104.5	238.7	76.6	220.7	117.4	259.1	-	249.4	-	-	-	-	-	-
Change	-	-35.59%	46.44%	-41.15%	64.6%	-71.69%	262.52%	-	-	-	128.42%	-67.91%	188.12%	-46.81%	120.7%	-	-	-	-	-	-	-	-
EBIT ¹	211.9	118.2	189.3	93.3	184.1	9.8	181.2	-51.8	77.4	13.5	145.5	-0.7	144.8	23.2	182.7	28.3	171.6	92.7	218.5	46.7	184.4	-	-
Change	-	-44.22%	60.15%	-50.71%	97.32%	-94.68%	1,748.98%	-128.59%	249.42%	-82.56%	977.78%	-100.48%	20,785.71%	-83.98%	687.5%	-84.51%	506.36%	-45.98%	135.71%	-78.63%	294.86%	-	-
Charge d'intérêts	-0.7	-14.3	-12.9	-27.5	-11.9	-20.7	-	-	-2.2	-31.3	-18.1	-25.6	-3.4	-2.8	-6.2	-	-6.7	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	197.7	90.8	163.8	51	174.5	-25.3	154.1	-	58.8	-38.7	108.2	-	83.3	-21.7	143	-	148	-	-	17.9	170.9	75.41	233.9
Change	-	-54.07%	80.4%	-68.86%	242.16%	-114.5%	709.09%	-	-	-165.82%	379.59%	-	-	-126.05%	758.99%	-	-	-	-	-	854.71%	-55.87%	210.19%
Net income ¹	122.6	58.5	131.4	34.5	120.4	-8.4	88	-61.3	14	-35.4	99.5	-	56.6	-8.2	72.9	-5.137	95.7	44.3	119.9	9.9	110.7	119.6	96.9
Change	-	-52.28%	124.62%	-73.74%	248.99%	-106.98%	1,147.62%	-169.66%	122.84%	-352.86%	381.07%	-	-	-114.49%	989.02%	-107.05%	1,962.81%	-53.71%	170.65%	-91.74%	1,017.8%	8.1%	-18.99%
Announcement Date	11/08/20	04/11/20	16/03/21	06/05/21	05/08/21	03/11/21	03/03/22	19/05/22	04/08/22	02/11/22	07/03/23	27/04/23	03/08/23	01/11/23	13/03/24	13/05/24	06/08/24	04/11/24	06/03/25	06/05/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1
Net sales ¹	4,423	4,971	5,383	4,828	5,517	4,812	5,331	4,885	5,688	5,221
Change	-	12.38%	8.29%	-10.31%	14.27%	-12.78%	10.79%	-8.38%	16.45%	-8.22%
EBITDA	-	387.9	-	-	-	297.3	360.8	-	-	-
Change	-	-	-	-	-	-	21.36%	-	-	-
EBIT ¹	-	277.4	191	25.6	159	144.1	205.9	199.9	311.2	232.9
Change	-	-	-31.15%	-86.6%	521.09%	-9.37%	42.89%	-2.91%	55.68%	-25.16%
Charge d'intérêts	-	-39.4	-	-	-	-29	-9	-	-	-
Earnings before Tax (EBT)	-	225.5	-	-	-	31.6	121.3	-	-	-
Change	-	-	-	-	-	-	283.86%	-	-	-
Net income ¹	-	-	-	-	-	-	-	-	164.2	111.7
Change	-	-	-	-	-	-	-	-	-	-31.97%
Announcement Date	16/03/21	05/08/21	03/03/22	04/08/22	07/03/23	03/08/23	13/03/24	06/08/24	06/03/25	-

¹EUR in Million

Estimates

Forecast Balance Sheet: Zalando SE

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-908	-763	-1,108	-682	-1,256	-1,554	-2,076	-2,670
Change	-	15.97%	-45.22%	38.45%	-84.16%	-23.69%	-33.59%	-28.61%
Announcement Date	16/03/21	03/03/22	07/03/23	13/03/24	06/03/25	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Zalando SE

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	250	332.9	351.7	263.2	206.9	269.8	300.9	317.7
Change	-	33.16%	5.65%	-25.16%	-21.39%	30.39%	11.54%	5.57%
Free Cash Flow (FCF) ¹	284.5	283.2	-18.8	683.3	379.4	344.3	469	539.8
Change	-	-0.46%	-106.64%	3,734.57%	-44.48%	-9.24%	36.21%	15.09%
Announcement Date	16/03/21	03/03/22	07/03/23	13/03/24	06/03/25	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Zalando SE

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	7.96%	6.8%	4.8%	6.45%	7.95%	7.43%	7.7%	8.37%
EBIT Margin (%)	5.27%	4.52%	1.78%	3.45%	4.83%	4.02%	4.46%	5.37%
EBT Margin (%)	3.99%	3.42%	0.38%	1.51%	3.48%	4.12%	5.25%	6.04%
Net margin (%)	2.83%	2.26%	0.16%	0.82%	2.38%	2.41%	2.91%	3.56%
FCF margin (%)	3.56%	2.74%	-0.18%	6.74%	3.59%	2.85%	3.52%	3.79%
FCF / Net Income (%)	125.83%	120.77%	-111.9%	823.25%	151.1%	118.12%	120.84%	106.63%
Profitability
ROA	4.18%	3.5%	0.85%	1.61%	3.18%	2.4%	3.2%	4.8%
ROE	10.51%	10.73%	2.79%	5.44%	9.97%	10.07%	11.97%	13.65%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	3.13%	3.22%	3.4%	2.59%	1.96%	2.23%	2.26%	2.23%
CAPEX / EBITDA (%)	39.35%	47.3%	70.76%	40.24%	24.62%	30.01%	29.31%	26.68%
CAPEX / FCF (%)	87.87%	117.55%	-1,870.74%	38.52%	54.53%	78.35%	64.16%	58.85%
Items per share
Cash flow per share ¹	2.017	2.325	1.771	3.625	2.499	2.17	2.69	3.06
Change	-	15.29%	-23.84%	104.72%	-31.06%	-13.18%	23.96%	13.75%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	8.499	8.577	8.468	9.061	10.18	11.62	13.82	16.5
Change	-	0.92%	-1.27%	7%	12.4%	14.07%	19%	19.36%
EPS ¹	0.88	0.88	0.06	0.32	0.97	1.136	1.508	1.924
Change	-	0%	-93.18%	433.33%	203.12%	17.08%	32.78%	27.6%
Nbr of stocks (in thousands)	251,822	251,017	253,311	259,072	256,816	259,432	259,432	259,432
Announcement Date	16/03/21	03/03/22	07/03/23	13/03/24	06/03/25	-	-	-