Zalando's Q2 2026: 20.7% GMV Growth Looks Strong, but Guidance Cut Shrinks the Upside

Great quarter, softer outlook: that's the setup investors have to price

Zalando's Q2 2026 results look like a good quarter with a narrower path ahead. The company delivered 20.7% GMV growth to €4.9 billion, revenue reached €3.4 billion, and adjusted EBIT rose 10% to €205 million. That is solid operating performance. But management also refined its full-year outlook: adjusted EBIT now stands at €680 million to €720 million, narrower than the previous €660 million to €740 million range.

The bullish case is straightforward. The quarter was not only stronger, it also looked healthier, with 62.5 million active customers and continued momentum across the consumer apps. The bearish case is that the guidance trim leaves less room for upside if investors were relying on the top end of the old range. This was not a panic cut, but it does point to a tighter second half.

Customer growth and ABOUT YOU integration are showing up

The demand signal is repeating, not random

The clearest signal is customer growth. Active customers reached 62.5 million in Q2, up 18.3%, after already hitting a new high of 62.3 million in Q1. That points to a business that is still gaining traction, not just benefiting from one-off noise. In Q1, average spend per customer also rose 2.9% to €305, which suggests buyers are doing more than just browsing.

Zalando also said GMV grew across all three consumer apps in Q2, with ABOUT YOU and partner business remaining important growth drivers. When several properties expand together, it is easier to read that as broad demand strength rather than a narrow lucky break.

ABOUT YOU synergies are visible early

The acquisition is starting to show up in the numbers. Zalando reported more than 10 million euros of ABOUT YOU synergies in Q2, after €10 million in Q1. That does not prove the full integration story, but it does suggest the deal is contributing early.

B2B is where some of that operating leverage is becoming visible. B2B revenue rose 27.6% to €335 million, adjusted EBIT reached €41 million, and the B2B margin improved to 12.2% from 8.6% in Q1. That is the kind of mix and efficiency move investors usually watch closely.

What could still go wrong

The main risk is that faster growth in partner business and B2B outpaces the rest of the company's ability to execute, especially if consumer spending softens. For now, though, the core message is that the operating engine is improving even as the full-year profit path gets less forgiving.

Zalando's AI story is getting easier to evaluate

Judge it by adoption and workflow impact

The most useful way to assess Zalando's AI claims is to look for three things: adoption, time savings, and evidence that customers or partners are actually using the tools. On that score, the company has moved beyond the demo stage. SCAYLE STUDIOS scaled to more than 100 brands within 2.5 months, while cutting content production time by more than 95% and costs by around 90%.

On the consumer side, management highlighted that Zalando Assistant reached six million users, up fourfold. That metric matters because it suggests real usage, not just exposure. On the earnings call, management also said we are making great advances in AI in both segments.

What would strengthen the AI case

Investors still need repeatability. The next few quarters should show whether AI tools drive sustained adoption, measurable efficiency, and broader commercial impact across both B2C and B2B. If that evidence keeps building, AI becomes more than a narrative. If it fades, the story will look more like marketing than valuation support.

What matters next for Zalando investors

This is still a wait-for-proof setup rather than a chase-the-headline one. Bulls can point to strong increases in profit, with adjusted EBIT rising 10% to €205 million. Bears, though, have the cleaner near-term argument because management said GMV and revenue growth moved to the lower half of its previously communicated range and narrowed full-year adjusted EBIT guidance to €680 million to €720 million from €660 million to €740 million.

The scorecard from here

The next few quarters should answer a limited set of questions: - Can Zalando hold the middle of the trimmed EBIT range? - Does customer growth remain firm after two consecutive quarters above 62 million? - Are B2B margins and ABOUT YOU synergies continuing to improve? - Is AI adoption translating into repeatable productivity and revenue benefits?

For now, Zalando looks more like a watchlist story than an obvious momentum trade. A stronger view would require evidence that the business can offset the tighter outlook with steady execution. A weaker view would emerge if growth stays in the lower half of the company's prior range and execution starts to look uneven across margins, synergies, or AI commercialization.